prepayment penalty

[rcnova]

We purchased a home in Wisconsin that we closed on and had to put right on the market do to a re-location to another state,because of a job oppurtunity. We have since learned that we will have to pay a pre-payment penalty on the home. Do we have a way not have this charge done? We did not even know that we were subject toi the prepayment until the day of closing.
At that time it was explained that this was not an issue well we have since learned this is going to cost us thousands, Please advice

 

[HomeGuru]

We purchased a home in Wisconsin that we closed on and had to put right on the market do to a re-location to another state,because of a job oppurtunity. We have since learned that we will have to pay a pre-payment penalty on the home. Do we have a way not have this charge done? We did not even know that we were subject toi the prepayment until the day of closing.
At that time it was explained that this was not an issue well we have since learned this is going to cost us thousands, Please advice

My response: you agreed to it so you are stuck unless the lender gives you a break. Chances are the lender may have already sold the loan, in which case they will not bend. Prepay can run from 2-5 years and up to say 6 months of interest.