Re: pre-payment penalty
Posted by NJDave on August 01, 2006 at 11:04:30:
In Reply to: pre-payment penalty
Posted by debbie on August 01, 2006 at 07:20:24:
You've got to confirm the amount due to the first mortgagee. They are in the driver's seat and can demand payment in full plus any penalties or fees.
They are under no obligation to consider accepting a dime less than due.
That doesn't mean, necessarily, that it won't consider waiving amounts due.
It all depends on its cushion of equity, its internal criteria for short sales, and how well you've constructed and presented your Short Sale Proposal.
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