The mortgage can be moved to the new home or discharged with a penalty which applies to most of the mortgages. Breaking a mortgage can be very costly and you should look into the option of porting the mortgage to the new home. If the mortgage you required is higher then the current mortgage then you can apply for a blend mortgage.

Technically you are breaking your mortgage if you are selling your home unless you are porting this mortgage to another property. You will have to pay the penalties involved in breaking the mortgage unless specified by the lender on your mortgage documents. Banks in most cases do not waive penalties.

Check with your bank as there may or may not be any penalties. There would be an admin fee to discharge the mortgage against your name and clear the title with their claim.

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Is it a common practice for a canadian bank to charge a $10,000 penalty to break a mortgage? a couple i know is parting ways and selling their home. the bank is going to hit them a $10,000 penalty to get out of the mortgage! anyone heard of this before? if one of them buys another home within a certain period can they avoid this?

Sounds like they may have done an ARM Adjustable rate mortgage These loans offer super low (starter ) interest rates. The bank loses money if you close your loan early unless they charge you for the freebie they gave you for those years. It's called an early payment penalty or prepayment penalty- very common with ARMS. /

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After talking to the realtor ,he did not seem mad at us,said he would not charge us any commission and told us he would inform the other agent and the buyer .hours later ,he came back with the people are not happy and want to be paid. then,he said the other person's realtor wants a commission and now my realtor feels he deserves something for his time. we are willing to pay all of this to save the house and our sanity .our credit score is not great at all and the 10.7 interest rate is what is killing us .with 4 kids,we will be house poor with the new mortgage that comes with a new house .what to do ,we are willing to pay the people and their realtor at least $6,000 to walk away . my realtor wants to make sure we use him again if we decide to sell later so he is covering his tracks too .i rather do all of this .my realtor will know more in a few hours or even tomorrow when people calm down . help on what to do .

Most of the time you have to pay earnest money to the seller to get out of the contract. That's what it is there for. If the seller is mad, that's too bad, they will have to find a new buyer. They will get over it.

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Health care is broken kids are killing kids weekly in schools the war is killing thousands of americans and iraqi’s alike. mortgage industry is broken and bankers making billions with no charges against them. american jobs outsourced and "sold out" of the country deficit spending! is someone taking an enhancing drug in a private industry, to his detriment of serious importance to our society? or is this simply congressional grandstanding?

Jersey Girl, I am going to cheat a little bit on my answer to you, this is a cut and pasted answer from a question that I answered a few days ago! Out thoughts seem to mirror eachothers! Here goes, are you ready? OMG!!!!!!!!!!!!!!!!! Please don't get me started!!!!!!!!!! I will answer to you what I answered earlier to two different questions: This is absolutely crazy! Oil is close to 100.00 dollars a barrel There is a war going on overseas The housing industry is tanking The economy is moving into a recession Gasoline is average 3.00 a gallon Unemployment numbers are up All the major US Automakers are in dire straits There is a deficit that our great great great grandchildren might just be able to begin to pay down Tax grace day is now into the month of June Healthcare coverage in this country is nonexistant and Congress is worried about WHAT!!!!!!! What a Frickin Joke!!!!!!! and First off, it really bugs me that congress has involved itself with tax player money for this. Certainly, we are big fans , but there are many out there who care less. Congress should be called to task on that with a gazillion dollar deficit already, why waste more taxpayer money? Secondly, getting back to Congress, where in the wide wide world of sports does the US Government feel it needs to get involved with something that has well nothing to do with government? ( I know I am going off on a tangent from your question, but indirectly, if this report hadn't have come out, everyone and their uncle wouldn.t be suspected) getting back to what I was saying, where, and please of someone out there can point me in the right direction if I am wrong, does the US Constitution anywhere state it it needs to involve itself in such matters? I always thought the Congress of the U.S. federal government concerned itself this: to levy and collect taxes in order to pay debts, provide for common defense and general welfare of the U.S.; to borrow money on the credit of the U.S.; to regulate commerce with other nations and between the states; to establish a uniform rule of naturalization; to coin money and regulate its value; provide for punishment for counterfeiting; establish post offices and roads, promote progress of science, create courts inferior to the Supreme Court, define and punish piracies and felonies, declare war, raise and support armies, provide and maintain a navy, make rules for the regulation of land and naval forces, provide for, arm, and discipline the militia, exercise exclusive legislation in Washington D.C, and make laws necessary and proper to execute the powers of Congress. SCREAM!!!!!!!!

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Not loose the other house. i really thought my house would sell but it hasn't. i now have to decide if i want to let it out? if i don't then i'm paying mortgage on an empty house. i heard that i would have to pay 40% between the sale price and the cost that i paid when i later sell it. what to agents charge for managing the property? i'm also worried that it will affect my child tax credits is there a way to offset the rent against earnings from rent as if my mortgage payment is £450 and i charge £450 from rent then i just make £0. thanks

You might need to ask this question in the "tax" section. In the US, property managers charge generally from 6~10% of the monthly rent. Some also charge extra for advertising and/or a move-in/move-out fee. Good luck!

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1 thou shalt behead apostates, pagans and violators of blasphemy laws, it is halal for you. 2.thou shalt extort money from christians and jews, the future hell dwellers, and if they refuse, kill them. but do not hurt their women and children, it is haram for you. however thou shalt enslave them, rape them or sell them for profit, it is halal for you. 3. thou art guaranteed paradise and 72 big bosomed houris (and/or charming young boys), along with other fringes, if you cough up big bucks and take a trip to mecca. poverty stricken chaps and losers among you who cannot afford the trip, can earn the same privileges and more by participating in jihad and killing the infidels. the jihadis will get the additional bonus of sharing the booty and beautiful women from the captured infidel lands. 4. thou shalt marry a maximum of four wives at a time, except for my messenger whom i have exempted from this limit since his needs are equal to the needs of 30 horny men. however thou art allowed to change your wives at will for variety and maintenance of your harem quality by divorcing them and acquiring younger specimens. old bags lose their charm and excitement and must be replenished with a fresh supply. try to acquire younger and better looking ones preferably virgins, leave the older ones and ugliest for the losers and old fogies. 5. thou art allowed to have unlimited number of slaves and captive women and have sex with them, it is halal for you. gay guys among you will have to wait for their fun, we will provide them with charming young boys in paradise. alcohol lovers, hold your horses until you make it to the paradise, there will be rivers flowing with wine, up there. 6. for those amongst you who have pedophilic tendencies, we have made underage children halal for marriage and your carnal pleasure. however let them keep and play with their dolls while you are at it so that their attention is diverted from their pain and shock. thou art also allowed to marry your daughter in law in case you keep getting excited by her voluptuous body every time you happen to see her in skimpy clothes. 7 thou can demand sex from your women any time and anywhere, even on a camel's back. thou shalt keep a lash or a green stick handy in case they refuse and need a good beating. however while doing it on a camels back with your wife, make sure that the hijab is maintained by keeping all yours and her body parts covered with the burka during the action. in case of doing it with your slave girl on a camel’s back hijab requirement is exempted, you are allowed to enjoy the sunshine and the fresh air along with her curves. 8. thou shalt not listen to music, watch t.v. or go to the movies, these activities are haram for you. however thou shalt take your family to watch beheadings of apostates and kafirs, cutting of hands and feet of petty thieves, and stoning of adulterers, their viewing is halal for you. 9.thou shalt not indulge in haram professions like selling non halal meat, food items with lard in it, or confectionary even with 1% liquor in it or working in interest charging banks and mortgage companies etc. thou shalt only indulge in clean and halal means of earning livelihood like slave trading, looting infidel caravans and communities, killing jews and acquiring their goods and properties, extortion of jizya and kharaj from captured lands, and booty earning bloody jihads. 10. ramadan rules. thou art not allowed the pleasure of eating or drinking during the fast (except for wives who have to taste food lest their husbands beat them up for cooking foul tasting food) but thou art allowed to kiss your wives, slaves (only female) and the women your right hand posses, to wait out the rough afternoon hungry period. thou art not allowed to eat pigs but thou art allowed to pig out after breaking the fast. thou art not allowed to have conjugal relationship during the fast but art allowed to break a fast with sex instead of food. husbands are allowed to prohibit wives from fasting to keep the ladies fresh and beautiful for a romantic evening after a hard day of fasting.

Despite people slamming you for posting this question, you are correct. On the surface, Muslims are violent. The religiously uneducated follow these commandments in a literal manner. Thanks.

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I've seen many questions on the subject, (so please excuse if i'm asking a redundant question). i'd like a little advice, so here goes... i purchased a townhome 5 years ago, for $125,000. it was recently appraised for just under $110,000 (which is what i owe the bank), but due to comps. in the area and the declined values of other properties in the neighborhood due to foreclosures, i have been advised to list for $75,000 by my realtor. we've had townhomes in our neighborhood sell in the last 6 months from between $70,000 and $90,000. i have a growing family, and have since run out of space in my small and cramped townhome, that at the time (5 years ago) was a perfect "starter" home. so i literally can't stick it out another 3-5 years to wait for values to rebound. and i was also advised that i should consider renting it out, but have since come to the conclusion that it would be best not to do so for financial reasons - mainly the fact that the rent price we'd be forced to charge comes under the monthly mortgage payments, not including hoa dues. so our only options are to live a drastically uncomfortable lifestyle and stick it out in a place that is too small for us and continue to make mortgage payments on a loan that is no longer feasible (because i could be putting the same money into a bigger and better place), to lease it out to potentially less responsible tenants and risk either damage, or breaking of the lease (where i would be resposible for 2 mortgages/rent), or file for bankruptcy and allow the property to foreclose. but i've been doing some reading about "short sales", where along with our financial situation and hardships with standard of living, the bank would use fair market value and neighborhood comps to decide whether it is better for all concerned to accept whatever sale price my property is able to sell for before i ever get to a situation where i fall behind on the payments or just walk away. but i've always ever heard that a short sale is something people do when they are in pre-foreclosure - not current in their payments, like i am. my only hardship is that i owe $109,000 on a property that is only worth $75,000, and i can't wait it out. it is my understanding that such a process would leave my family and i dept free after closing - freeing me to persue a larger property to purchase. so my question is, would this be a good idea? what should i do?

I disagree with with everyone... especially fizzzle. Wait a year? for what? a recovery? You must be smoking on something... this is the biggest head fake ever... don't believe the hype... we are about to see another dip when the alt-opn and A+ paper (the good loans) start to adjust in mortgage payments... Japan's housing bubble from top to bottom lost 75%+ in value... they took over 10Years to recover and still they haven't recovered. We are in far worst place than they where... Sorry had to blast these people in optimistic denial... Here's the real deal... 1. If you are going to do a short sale - get a professional. It can either be an investor or a realtor. With the market shift... most realtors and investors will claim they are some type of "short sale specialist" but don't just believe them ask this one question... and you can find out if they are legit or not.... The question: "I heard 1099-C's and IRS Form 982 are bad" If they say YES - they are idiots... if they say no it is the best thing since sliced bread... ask more opened questions... like what is it? You dig? 2. If you are not behind... the likely hood of the lenders who are already over whelemed to accept a short sale is slim to none. You can make a financial decision not to pay so the lender will take you seriously - while you live rent free for probably 6-12 months depending on your state and foreclosure laws. 3. You become the bank and rent it out... as a owner carry back (you need an investor to break this down to you).... With the credit crunch... many people have good income but cannot qualify for a loan... but would like to be a homeowner... if so you become the bank... this means no bank qual... so you can charge these people (tenants who will lease from you and have an option to buy)... a higher rate than regular rents. 4. HOA dues are important... do not get behind on the HOA dues... this can really hurt your. If the HOA puts a lien on your property... the likelihood of a successful short sale will drop drastically. Plus, HOA can go after you... a personal abstract judgment, if you fall behind. You have options... just get creative and talk to real professionals with solutions... not these idiots who say market will recover... get someone who is going to tell you the truth... Jeff Coga

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Hi friends, i just sold my house finally!!! but on friday i have to sign out and the hud just came with a "prepayment penalty" 12k and a late charge of past due payments of over 11k. if i dont close on friday, this mortgage will be at foreclosure and the bank will loose !!! but they dont want to waive of these costs for no reason and i just dont have the cash for all these costs!!!! please help!!! what do you recommend me to ask this bank? they are saying no, no, no all the time without thinking that they will loose more on foreclosure than waiving something .. they are just stupid and that is why they are almost broke !!! please help me here !! how can i make them waive off some of these costs ???? i tried to talk to them since my buyer has to buy on friday but still they are saying no and that they have process and no options. i went to managers and they just dont care to have another foreclosure !!! i am tired of explaining that to them but they keep brushing me and transfering me over and over ... i cant believe that they dont want to deal with me here.

this happens all the time...you have to speak to a manager or have your attorney speak to them. go up the ladder...tell them you have no money, and dont care anymore.

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I am considering buying a small house, town home, or condo, but would have to move in the next 3 years for grad school. i plan to move back to the area so i am torn. i have had bad experiences in apartments and my husband and i want to have a baby, so that makes us nervous about the apartment lifestyle. do i... a: just rent for the next three years (mortgage would be cheaper at this point) b: buy and try to sell in three years c: buy and use it as a rental property when move we currently live with his parents, but when a baby comes i want to move. also, how big of a cut do rental property managers take? are they worth it? can you usually charge more than your mortgage (monthly exp about 400-500)? we are not looking for a profit, just to break even.

Buy now - rent it out later - mangement companies usually take about 20-30% depending on how much you want them to do (so when the time comes interview several places) and by the time you rent it out - rent will have gone up so you'll get more $ to rent it out and should be able to cover mtg expenses easily (if you buy at a good price now) Good Luck

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My husbands boss owns the house we rent, its company owned and was purchased as an investment for us to live in. they told us so we could eventually buy it, but we now realize that they knew we could never afford it with our pay. our lease agreement states that we are responsible for "all reasonable repairs" (this is in california.) the law states that even if we agreed to all repairs the owner is still responsible to keep the house up to code which includes the furnace. since we moved in we have purchased a new fridge, put up a new fence (neighbor bought materials since the woner refused to help in any way,) replaced an oven element and kitchen faucet, replace the garbage disposal, and done numerous smaller repairs such as replacing outlets and broken locks. none of this we did ourselves and almost all if it was this way when we moved in or happened in the first 60 days. to date the boss has paid a grand total of 100.00 to us towards repairs. now the oven and outlets, sure they are 'resonable', but a 1500.00 fence job and a broken furnace are not. its not that we don't want to, we can't afford it! in addition he is charging us 100.00 more than our high limit which we did agree to before moving in, but he's also charging us for water, trash and sewer, something he told us about a week after we moved in. the problem is that if we report him or make a stink about his refusal to fix the furnace my husband could lose his job and if he no longer works there they will charge us the rull mortgage amount of 2300.00 a month which is more than 2/3 of our gross income. we don't have the money to move, heck we aren't even going to have anything for our kids for christmas because this house is costing us so much. we knew expenses would go up, but we also were under the understanding the the landlord would fix anything vital such as the freaking furnace that is shooting flames in the middle of winter! so we can't move till we get a tax return and at that time we will also get new employment, but until then any action we take could put us on the streets. i know he would have to evict us, but we have a clean rental record and have no deire to ruin it, nor can we afford the cost of getting into a new place. so my question is that because our lease says we are responsible for "all reasonable repairs" if we do eventually sue him do we have a leg to stand on? or does that sentance in our lease screw us over? i do realize that legally he is wrong because he can't fire my husband or kick us out if we complain about a houseing code violation, we could sue him. but meanwhile we would lose everything and we have nothing to fall back on, no savings. when we asked him to fix the heater his reply was "well if you can't afford to fix it yourself maybe i should just find reters who can" and its become clear that the whole reason they put us in here was so we could fix it up for them so they could profit when they sell it. we were used. yes we should have gotten it all in writing which i told my husband, but the idiot trusted his boss and now we are in a pickle. so please don't tell me to sue him, we can't withold rent because its taken directly from the paycheck. but if it comes down to a legal matter in court, do we have a leg to stand on? i know its confusing... but i don't know what to do. its a small town so i can't say anything to anyone locally. we are the only tenants, its a house. the landlord is also my husbands boss. and i am in california (its in my first post too.) i do not have a copy of the lease agreement, it was handed to us 2 days before we moved and my mom packed up my desk area and i haven't seen it since. i don't recall ever signing anything, but even if i did it for sure said 'all reasonable repairs" but nothing explaining what exactly is reasonable was spelled out. i asked my husband to get it in writing but he trusted his boss and never did. by law i know that no matter what our lease says he is responsible for fixing the heater, but our hands are tied. if he fires my husband and evicts us (even if its done illegally) we are still jobless and homeless while trying to fight him and he's rich and can afford lawyers, we are poor and cannot. we also have 3 small children and its the middle of winter, we can't be homeless.

You can probably get free legal advice from a lawyer specializing in landlord tenant relationships. In certain cities, there are pro bono law school landlord tenant clinics, and you might get legal advice from them. There is also a website, www.lawguru.com, and you can pose this question there. The answer will vary depending on your state and jurisdiction, so what's your state? It sounds like you have a few causes of action. Does your renter's contract lay out "reasonable repairs" as the landlord's responsibility? Review the language of your rental contract to see what rights you might have. Do you have receipts for all of your repairs? Have you spoken to other tenants to see if they are paying for their repairs too?

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Can a lender i.e. mortgage company enter my home without permission or written notice. our lender for our manufactured home (currently trying to sell it) had winterized it and we were charged $150 for doing this. they clam they had to protect their assist since were were not living their. we were keeping the utilities on and heat going until we could winterize it ourself or get it sold. i checked our papers on the loan and found their is nothing written about entering the home. they did not write us to inform us they wanted to do this. when we called them they said they could not reach us on the phone but could not tell us why they did not send letter. i am thinking of reporting it as a breaking and entering since they refuse to admit they were in the wrong. all we got was the run around and very rude representatives. they did actually enter home. left notice on wall inside. they need to enter in order to winterize fully. other concern we noticed was a changed dead bolt that we didn't use. it is located in a manufactured home park in michigan and does not have basement.

are you sure they entered the home and didn't just do work under the home and around the home? My mortgage has a clause about insurance. Most lenders can check to make sure you are keeping "their" asset in good condition, but I have never heard of one actually following up on it like they did in your case. If you aren't living in it they might be afraid it's going toward forclosure, though.