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08-19-2007, 02:44 AM
| | Junior Member | | Join Date: Aug 2007
Posts: 1
| | | prepay in oklahoma
What is the name of your state? Oklahoma
I have a mortgage which is 2yr fixed then adjustable. I have have a prepay (which i don't understand the wording but its basically 6 months interest) if i pay off within 24 months. I am 17 months into my loan and I need to sell.
I called my serviceing agent, Option One,to negotiate the prepay amount and they said the investor does not allow that and they would not tell me who the investor was. I understand in OK there are some limitations on prepay but I can't understand them all.
Where do I start or any advice on trying to get my prepay reduced. i was reading about subsection 10 and i don't meet the APR test and the points and fees test has what is called a 'dollar amount' test but i don't understand that. Are there other approaches to reducing my prepay?
Right now my prepay looks like it would be $9,000+ but if i can meet subsection 10 it would be only 1% or around $2500.
With all of the foreclosures in today's market I would think a negotiated prepay would be available.
Thanks for any help.
RayWhat is the name of your state?  |
08-19-2007, 08:44 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 4,978
| | Quote:
Originally Posted by zajacik  With all of the foreclosures in today's market I would think a negotiated prepay would be available. | Nope, with all the foreclosures, they want you to continue paying on the mortgage rather than prepaying it PERIOD. You're a good customer to them. |
08-23-2007, 02:34 PM
| | Member | | Join Date: Feb 2002
Posts: 435
| | | I have seen lenders decline a 90% short payoff, with a valid appraisal. They also are not in the mood to push off reset dates to the future or waive prepayment penalties... yet. In some cases, they may not be able to, but in others, I think upper management needs to wake up to this issue and start cutting some slack on short payoffs or they are going to be holding a lot of real estate soon. In the end, if they properly disclosed it, you are stuck with it unless they change their minds and waive some or all of it. |
08-23-2007, 02:47 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | | And, plus, what is the incentive to the lender? You agreed to this when you bought the house. You can sell your house with a prepayment penalty. The penalty shouldn't make the difference between a sale or no sale.
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