Posted by William Bronchick on January 23, 2002 at 09:35:51:
The only way to beat the penalty is to get the mortgage holder to agree to waive it.
In other words, YOU CAN’T!
beating the prepayment penalty - Posted by neal
Posted by neal on January 23, 2002 at 09:18:10:
I have one of those 10.75% loans that has a nice size penalty if i refi, and its in my name. I can get a much better rate now as my finances have improved dramatically. Can i sell it to my LLC with a purchase and sale agreement and get a new loan (guarenteeing the new loan of course) and avoid this penalty? Or do these docs usually make you pay this penalty even if you sell? I don’t have the docs here with me now.