Prepayment Penalty Date Wrong?
I bought my house on Sept 28,2006. I am in the process of refinancing it already after 1 year and 5 months. Here's the sound out. On my prepayment penalty clause I enjoy an "addendum" that is dated Sept 28, 2009. It say that AFTER 24 months of "said" date I could prepay without cost. Can they "predate" these clauses? Is this supposed to be a 5 year "hold-down?." If i prepay within first year AFTER said date it is 2% of principal remaining, prepay inside 2nd year it is 1%, and within 3rd year ...no cost. The year 2009 is baffling me. What if I pay it presently? I'm not technically within the first year of 2009 until October 1st of this year. It doesn't stipulate paying up to that time, it says AFTER said date. Is this a typo? There are no fees associated next to paying before the said date. They can't "forbid" me and reject to let me refinance until after "said" date can they?....Any back is appreciated.Answers: I am not sure why you are asking. You printed the answer.
After October 2008 you have no penality.
As you are within the second year the panality to refi is 1% of your loan amount.
hmm- because its a addendum which mechanism changes to the productive contract- yes they can post date it - but this is VERY unusual. normally near would be a very long clause going on for the post dating.
So it is very possible that the dating be mis typed, its my guess that it was mis typed especially since the 6 is right below the 9 on a keypad.
Also- read over the imaginative contract carefully to be sure that it doesn't include pre-payment cost statements that will occur past this post-dated document kicks within.
Just so ya know the average mortgage has a clause something like pre-payment penalties- and every one is the same- with a prepayment cost occuring during the first 1-5 years.
The way they surmise of it is- they want to make wearing clothes amount of money off you- so if you are going to refinance somewhere else inside a couple of years- then they are going to rest that money by charging the penalty. I hold been a investor for 10 yrs, agent for 5 and consultant for 3- and own only hear of a prepayment penalty starting after a couple of years when a mortgage is held by a personal event (not a bank).
I dont know where your from so i couldnt enunciate for sure- but i would recommend contacting the attorney that did your closing- they will know local law and standards and can probley recount ya quickly if this is a typo. and usually they will not charge if they already did the closing paperwork.
if here is a pre payment penalty- i would recommend holding stale on that refinance for a while if you have fully clad credit because rates are expected to hold if not drop inside the next few months. immediately if you have rational credit- or no equity - it might pay sour in the lon\g run to newly pay the cost and refinance now.
How do you buy a foreclosed home??
I want to buy a home, and dont make much money. I hear about foreclosed homes and needed to know what i should do. i find them all the time on the lattice. is everyone approved for a foreclosed home? what if i dont have any money down??Answers: To buy a foreclosed home, you have need of to meet the lingo of the owner (usu. the lender).
Those terms are unlikely to be "zilch down". Prices are still falling in several places, and if you put nothing down you will shortly owe more than the home is worth. This puts the lender at big risk of a second default on duplicate home.
Save some dough. Prices are getting better anyway.
Neopets auctions money?
ok if you put on auction like a codestone or something else and ethnic group auction for u and when sombody wins he get the auctioned item right? and if like closely of peaple auctioned for my item and i only catch the money the winner give!! what happened to other money peaple puted within the auction?Answers: Yes- only the beater pays. The people who are out bid do not recompense because they are not recieving the goods- think give or take a few it you wouldn't be happy if you offered lb500 for a coupé, the owner sold it to someone else for lb750 but you still had to wages the lb500 because you had bid.