I doesn`t matter if you break 3 years later or 6 month before the term ends. You will pay the same mortgage penalty, 3 month mortgage interest or Interest Rate Deferential penalty.

A little clarification to mortgagepro`s comment. It is true that you will pay a penalty regardless of the months remaining but the penalty could be drastically different between a 3 year and 3 month remaining term. There are 2 calculations that the banks use for penalties. 3 months interest calculation and Interest Rate Differential IRD. If the conditions are right 3 months penalty for 3yr or 3month term should be close. If the conditions are such that an IRD will be used to calculate your penalty then you are looking at a huge difference in penalty. Talk to your bank and they will calculate the costs involved for you. My suggestion is to consider a port of your mortgage. A port is where you move the mortgage term rate and balance to the new property with no penalties. You can straight port it (no change in any mortgage particulars). You can port increase where you need more money (term remains the same, higher mortgage amount and the rate is blended with todays rate). Or do a port reduction (same term, same rate, smaller mortgage amount required for new house, some penalty may apply but much less than a complete break). One last thing I should mention. Once you bank gives you your options please contact a Mortgage Agent to do some further calculations for you. Many people have benefited from switching to a new bank for their new home. This is especially true today where rates are much lower than any mortgage started over 2 years ago. In the end what you end up doing with your mortgage must depend on how much money you will save going forward. That should be your #1 priority, mortgages are very expensive over time, you have to find ways to minimize your costs. I would be happy to consult with you if you have any questions. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

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I co-signed with my sister to buy a double wide trailer and now i want out. how? (you may e-mail me at paris_below@yahoo.com for more information on the specific mortgage company and such)

The only way out is for your sister to refinance the loan into her name only. The lender will not just let you off the hook because you want out.

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He paid into the mortgage for 7 years, &signed it over to her due to the stress of the break-up. she has been paying alone for approx 18 months. she is now selling the property with considerable equity. which he thinks he should have his fair share of......wondering if there's a cause?

He won't get any share as it's not in his name. It's like if I put some alloys on my car then give it to my ex. If she then sold the car, would I get my alloys back? No

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We signed a 2 year lease ( rent to own) and the landlord has not paid mortgage for february and march and now i am afraid that the house may get foreclosed on. i went over our lease and the landlord did not even sign the lease at all but we did. can we break the lease because of the two reasons

that should have been ur first sign, but cut and run, i read a story of a lady doing a rent to own program, had given this shady landlord 40,000 and went home to find locks on her door, the landlord pocketed her 40,000 and didnt pay his mortgage, that is the plight of a lot of renters, i find myself in the same situation where my landlord not only spent my security deposit and i still havent moved but she hasnt been paying her mortgage or HOA.

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I am so tired of working hard, and watching leeches, morons and a-holes just sit back and have uncle sam give them all they want. i have to say screw this. where so i sign up for this cornucopia of plenty. kelly, if i honestly believed most were trying i wouldn't be mad, but i think many just said hell with it and walked away when their houses lost value.

preach to the choir brother

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I am a first time home buyer. i signed a contract with the mortgage company and am already 6 months into my payment.and they have my escrow. yesterday a man came to my door to announced that he now owns my house because the city sold it to him because the owner owe back land taxes. can i sue the mortgage company for breach of contract. don't they have to have all papers on the house and property to make sure the house taxes are paid.

Sorry, this is not plausible. IF you bought the house the tax bills would not only go to you but your mortgage company as well . A home does not get sold because of back taxes just like that. All that is required is you pay the back taxes or have your mortgage company pay them and you then get back the tax deed.

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Hello everyone, i am a resident of columbus, oh, and my wife and i have been on the hunt for a house since july sometime. it's been a long, long search, but after looking through probably 500 listings and personally walking through some thirty houses, we finally found the house of our dreams, and it was within our price range. we put in an offer, they accepted, and we signed all the documents getting ready for underwriting, closing, etc. now, some two and half weeks later, after signing the contract and agreeing to everything, they are refusing to sell us the house. we have put in our thirty day's notice with our apartment complex, and will literally be homeless in less than two weeks. we've also put in over a thousand dollars in earnest money, appraisals, inspections, and so on. we were scheduled to close on the 30th of this month. my realtor says we can sue them, because we upheld every point of the contract perfectly, while the seller is breaking the contract blatantly. it seems like we would have a completely airtight case. so here (finally) is my question: is it at all possible for these people to declare bankruptcy to escape from the consequences of being sued, and still keep their house in the end? i mean, if we sue them can they do that and get away scot free? my wife is pregnant and scheduled to deliver in the middle of next month, and we are literally headed to living on the street if we cannot get these people to sell the house they signed a contract to sell. what options would a seller like that have in a court case?

I would consult an attorney, like everyone else said. Now depending on your contract, i had something similar last year. The seller did not comply with the contract, and i contacted a lawyer and by law if they breached the contract i could sue and put a lien on the property. Now just making the threat of a lien on the property which would prevent them from selling, was enough to convince them to comply with the contract. But every contract is different and not every state has the same laws. It took me over 45 days after closing to convince them that they needed to close on my contract. Best of luck.

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I work at a large company with many departments. i work with all women and i am a women myself. it seems i am being singled out for small infractions. such as supervisors asking to make sure my break sign is up when it obviously is and telling me staff are complaining. they have written me up on several things that everyone is doing but they seem to be trying to make an example of me. i have been talked to several times about breaks, tardiness, abusing flex, not wearing appropriate dress, etc. i feel like i have to watch my back all the time. i know i am a good worker and these imagined infractions that i am being disciplined for are wearing on my nerves. i want to talk to a lawyer but i am in a tight spot. i have to have my job because of mortgage, bills, ect. other co-workers that i talk to notice and say that i am being picked on. i am a young, beautiful, and smart worker that is being demolished by petty actions. please help. i don't know what to do.

It is clear that you are being victimized and singled out by a small group having vested interests. Please try to analyze and expose the real intention of that roguish group !!

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I am a first time home buyer. i signed a contract with the mortgage company and am already 6 months into my payment.and they have my escrow. yesterday a man came to my door to announced that he now owns my house because the city sold it to him because the owner owe back land taxes. can i sue the mortgage company for breach of contract. don't they have to have all papers on the house and property to make sure the house taxes are paid.

This is a common scam that is happening all over the country. Call you tax assessor's office asap to find out the truth, and if the person returns to your door call the police. You should have had a title company at closing on the property - they do a title search and confirm that all taxes etc. are paid up to date before the property is signed over to you. Check for that as well, and if this guy is telling the truth you would then sue the title company, not the mortgage co. But as I said, this is a scam happening all over the U.S. etc. at this time, don't fall for it.

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I have signed a 1 year lease to rent my house to some guys . when they moved in and started paying my social welfare money was cut , now im just getting enough money to pay my mortgage and home/life insurance. i have been looking for work but theres nothing going . i was better off living in the house myself in the first place . how can i break the lease legally , and move back home . thanks in advance

The agreement is binding for the term stated in the contract. The only way to break it would be to agree with the other side and get permission. Otherwise, you will be in breach of contract.