Comments on: How to Avoid Prepayment Penalties http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties Mon, 21 May 2012 00:25:59 -0700 hourly 1 http://wordpress.org/?v=3.0.1 By: Round-ups - FruGal http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-130520 Round-ups - FruGal Wed, 09 Mar 2011 16:29:18 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-130520 [...] Ultimate Money Blog presents How to Avoid Prepayment Penalties [...] [...] Ultimate Money Blog presents How to Avoid Prepayment Penalties [...]

]]> By: Mrs Money http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-60803 Mrs Money Wed, 20 Oct 2010 21:42:49 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-60803 Patrick- That's awesome!! I hope that everything works out for you. Thanks so much for letting me know I could help! xoxo, MM Patrick- That’s awesome!! I hope that everything works out for you. Thanks so much for letting me know I could help!
xoxo,
MM

]]> By: Patrick http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-60576 Patrick Wed, 20 Oct 2010 13:43:42 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-60576 Thanks so much - you were SO RIGHT! They previously told me over the phone the penalty was 1%, however when I called back they told me my modification agreement was penalty of 3% or $22k. They explained that shortlty after my modification, they lowered the penalty to 1%. I pleaded with a manager and explaiend that it took me over 2 years to sell my home and that I never modified my mortage while house was for sale (not allowed) and was never late on a payment. They agreed to honor the 1% penalty rate and will be refunding me $15k within the next 2wks. In addition, should I originiate a new mortgage with ING within 6mths, they will apply my penalty amt ($7600)to the closing costs, and refund the remainder to me. VERY good news and thanks so much for your thoughts! Patrick Thanks so much – you were SO RIGHT! They previously told me over the phone the penalty was 1%, however when I called back they told me my modification agreement was penalty of 3% or $22k. They explained that shortlty after my modification, they lowered the penalty to 1%. I pleaded with a manager and explaiend that it took me over 2 years to sell my home and that I never modified my mortage while house was for sale (not allowed) and was never late on a payment. They agreed to honor the 1% penalty rate and will be refunding me $15k within the next 2wks. In addition, should I originiate a new mortgage with ING within 6mths, they will apply my penalty amt ($7600)to the closing costs, and refund the remainder to me. VERY good news and thanks so much for your thoughts! Patrick

]]> By: Mrs Money http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-59834 Mrs Money Mon, 18 Oct 2010 22:14:58 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-59834 Patrick- I would call ING and ask them. Is your mortgage $220,000? That would be a $2,200 penalty. Hopefully that's the case and you don't lose $22K. That would suck! You would think that because you're selling the house you would be exempt, but I'm not sure if that matters or not. I'd call ING and ask to be sure! :) Patrick- I would call ING and ask them. Is your mortgage $220,000? That would be a $2,200 penalty. Hopefully that’s the case and you don’t lose $22K. That would suck! You would think that because you’re selling the house you would be exempt, but I’m not sure if that matters or not. I’d call ING and ask to be sure! :)

]]> By: Patrick http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-59709 Patrick Mon, 18 Oct 2010 14:50:18 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-59709 I have a mortgage with ING and in Feb I modified it with proviso that if I paid off mortage inside of a year, would be subject to 1% penalty on amt of mortage. Having just sold my home, I had no choice and stand to lose $22k. Any suggestions out there? I live in NJ where it is not permitted to charge penalty for early pay-off, however, ING is based in MN. Thanks! I have a mortgage with ING and in Feb I modified it with proviso that if I paid off mortage inside of a year, would be subject to 1% penalty on amt of mortage. Having just sold my home, I had no choice and stand to lose $22k. Any suggestions out there? I live in NJ where it is not permitted to charge penalty for early pay-off, however, ING is based in MN. Thanks!

]]> By: kubrador http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-18007 kubrador Sat, 12 Dec 2009 11:47:49 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-18007 Have a valid paypal account? Want to earn extra $100? You can earn up to $100 just by inviting your friends and relatives to join paypal's wishlist visit http://bit.ly/8OniBb for more info this is not a scam. you dont have to buy or pay anything for this. all you need to do is to create your wishlist for this christmas.. again its... http://bit.ly/8OniBb ..this promo is until dec31,2009 only. so hurry up. thanks and god bless. Have a valid paypal account?

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]]> By: Mrs Money http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-13325 Mrs Money Tue, 18 Aug 2009 01:48:59 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-13325 Wow, that sucks! I don't think it's fair that they charged you after you were not an employee any more. At the bank I work at, once you have signed the contract, the terms don't change. For instance, I got a .25% discount for using automatic payments. I stopped that, but my rate didn't go up. Crazy! Wow, that sucks! I don’t think it’s fair that they charged you after you were not an employee any more. At the bank I work at, once you have signed the contract, the terms don’t change. For instance, I got a .25% discount for using automatic payments. I stopped that, but my rate didn’t go up. Crazy!

]]> By: Sanjay http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-13215 Sanjay Sat, 15 Aug 2009 07:57:10 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-13215 Can you guys believe it's as high as 5% in India. No partial repayments allowed so your idea won't work :( tsk tsk (I mean on car loans). Have posted a blog on mine. Do let me know your views on that. Cheers! Can you guys believe it’s as high as 5% in India. No partial repayments allowed so your idea won’t work :( tsk tsk (I mean on car loans).

Have posted a blog on mine. Do let me know your views on that.

Cheers!

]]> By: We’re paying off our car loan this month! | Sense to Save http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-8782 We’re paying off our car loan this month! | Sense to Save Wed, 06 May 2009 05:37:18 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-8782 [...] a cool way to get around this. Mrs. Money taught me that I can pay almost all of the balance, leaving it around $1 or so. Then, I’ll owe a 1% [...] [...] a cool way to get around this. Mrs. Money taught me that I can pay almost all of the balance, leaving it around $1 or so. Then, I’ll owe a 1% [...]

]]> By: Mrs Money http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties/comment-page-1#comment-7479 Mrs Money Wed, 08 Apr 2009 23:24:47 +0000 http://ultimatemoneyblog.com/how-to-avoid-prepayment-penalties#comment-7479 Harrison- Thank you so much for your lovely comment! My mortgage doesn't have a prepayment penalty so you may want to check with yours as well. Thanks again! :) Harrison- Thank you so much for your lovely comment! My mortgage doesn’t have a prepayment penalty so you may want to check with yours as well. Thanks again! :)

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