Hello, there is very little chance that any lender will waive the penalty associated with a closed mortgage. The only time that they may be able to get approval to waive the penalty is if you were to get another mortgage with them with a higher balance to replace your existing mortgage. Even then they will want you to port the mortgage to the new property and effectively honor your existing mortgage agreement. It does not hurt to ask and if you are a high value client with the bank they may try and eat some of the penalty cost but a full waiving of the penalty is unlikely. I hope this has helped. If any reader has questions regarding penalties or porting please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

You can`t break your fixed mortgage without a penalty. There is no chance a bank will let you do this unless you have a variable mortgage.

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.

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I (well, myself with my spouse with our 3 kids,) was going to purchase a home from a sibling who lived approx 1,500miles away, moved into it, but i will not be signing a contract like they want us to. originally i was to purchase it for a certain amount, then after living in it for about a month and a half, was told i’d be paying an interest rate on it as well. this wasn’t what we talked about before i moved, and was told to me in a quick, lets hurry and get it out kind of way (would have been fine if i was actually told before i agreed to purchase it.) my financial budget isn’t much, and i spent what i had to move, which they (sibling and spouse,) knew about and took advantage of, as we spoke about how the contract will be written up. i wasn’t given any say in it, and when i tried to put in my opinion i was told i can go ahead and back out now and find somewhere else to live, as they had someone else who wanted to buy it. we all knew i couldn’t just move again, i was close to broke etc. in other words i right where they wanted me to be, they knew it and i knew it. before moving i also asked the condition of the place, which i was then told the biggest chore would be putting new tile on the kitchen floor. i went into detail, but other then “cosmetic” work like painting, there was supposed to be nothing else. i get here and there is a funny smell in the place (mold/mildew i’m sure now,) in the bathroom leading into the master bed/laundry area there are soft spots in the sub floor, which have to be replaced. the plumbing needs to be replaced/repaired throughout (winter is coming and pipes are exposed/leaking all over and it is pretty severe in winters here with snow etc,) as well as the electrical and insulation. there is rot on the outside that has to be fixed, and it all has to be sealed around windows and doors. the roof needs to be repaired, and although it doesn’t leak now, it’s just a matter of time till it does again (i was told the roof was fine.) the water heater is going and the bathroom needs to be redone to prevent more rot and ruin from water damage. basically a classic major fixer upper that was supposed to be cosmetic work only. they tried to deny knowing about how bad it was, but there is just too much for them not to have known, and we also have talked to the neighbors a bit and got some snatches of what my sibling was fixing and having problems with while they lived here. because of another situation with our childcare (without notice we were told the night before we needed to find child care somewhere else, even though we both had work the next day,) we haven’t told them yet we were moving, and just found a place to rent, which we will be moving into it this week. basically we were worried they would kick us out, or give us too little of a notice to find somewhere else to live, and we have small babies and can’t afford to not have back-up place to move. we paid for this month, but don’t plan to pay for next month as we have small budget we’re still working with. what is your opinion on this situation, and do you think it is wrong to only give them a 23 day notice that we’re not buying their place and have moved out? in the contract they wanted us to sign also states that they can take a mortgage out on the place at any time while we are still paying on it, and in so many words if they fail to pay their mortgage on it, we are basically f***ed. they also have the right, and any time, with or without “buyers” agreement come and view the property, inside and out. they also tried to have us pay the taxes on the property right now, that are actually a year behind (talked to the county and they explained the current taxes due and for the year 2007, and if we’re are purchasing, we don’t actually start paying till a year from now.) they refuse to have our name on the property, and we found out there is a lien on it as well. i knew this, my hubby warned me, but we were in a tuff place and this was our way out. but yes, doing business with friends and family can teach you, and make you see some things you never wanted to about that person or yourself. i never thought i'd be able to do something like this to someone, especially now that they're partially depending on the income from us. well, my other sibling is telling me it's imature to not tell them sooner, that if they tried to kick me out i'd have a certian amount of days to get out. shre doesn't undestand i don't want the worry of having to find a place in set amount of time with small children. whats more is we plan to only be in tis state for another 4 months, and just about everyone wants a lease of a year, and a few others want 6 months. actually, i am very thankful for caller id. i'm tired of being treated like i'm some piece of trash because we don't have a lot of money for freetime activities. i'm either going to be accepted for who i am, how i am. i refuse to act or be someone i'm not, just because thats how someone wants me to be! hmm, nothing signed, just verbal.

You live and learn. Your family is playing you for a sucker to clean up their mistakes. Move out and don't look behind you. There will be hard feelings, hopefully you have not signed anything. If you have signed anything check with a lawyer, using free legal aid if you can find it, to see how valid that contract is that you signed. Your move out into your own place is the best thing that you can do. Sometimes doing business with family works quite well, but most of the time it only causes problems.

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I (well, myself with my spouse with our 3 kids,) was going to purchase a home from a sibling who lived approx 1,500miles away, moved into it, but i will not be signing a contract like they want us to. originally i was to purchase it for a certain amount, then after living in it for about a month and a half, was told i’d be paying an interest rate on it as well. this wasn’t what we talked about before i moved, and was told to me in a quick, lets hurry and get it out kind of way (would have been fine if i was actually told before i agreed to purchase it.) my financial budget isn’t much, and i spent what i had to move, which they (sibling and spouse,) knew about and took advantage of, as we spoke about how the contract will be written up. i wasn’t given any say in it, and when i tried to put in my opinion i was told i can go ahead and back out now and find somewhere else to live, as they had someone else who wanted to buy it. we all knew i couldn’t just move again, i was close to broke etc. in other words i right where they wanted me to be, they knew it and i knew it. before moving i also asked the condition of the place, which i was then told the biggest chore would be putting new tile on the kitchen floor. i went into detail, but other then “cosmetic” work like painting, there was supposed to be nothing else. i get here and there is a funny smell in the place (mold/mildew i’m sure now,) in the bathroom leading into the master bed/laundry area there are soft spots in the sub floor, which have to be replaced. the plumbing needs to be replaced/repaired throughout (winter is coming and pipes are exposed/leaking all over and it is pretty severe in winters here with snow etc,) as well as the electrical and insulation. there is rot on the outside that has to be fixed, and it all has to be sealed around windows and doors. the roof needs to be repaired, and although it doesn’t leak now, it’s just a matter of time till it does again (i was told the roof was fine.) the water heater is going and the bathroom needs to be redone to prevent more rot and ruin from water damage. basically a classic major fixer upper that was supposed to be cosmetic work only. they tried to deny knowing about how bad it was, but there is just too much for them not to have known, and we also have talked to the neighbors a bit and got some snatches of what my sibling was fixing and having problems with while they lived here. because of another situation with our childcare (without notice we were told the night before we needed to find child care somewhere else, even though we both had work the next day,) we haven’t told them yet we were moving, and just found a place to rent, which we will be moving into it this week. basically we were worried they would kick us out, or give us too little of a notice to find somewhere else to live, and we have small babies and can’t afford to not have back-up place to move. we paid for this month, but don’t plan to pay for next month as we have small budget we’re still working with. what is your opinion on this situation, and do you think it is wrong to only give them a 23 day notice that we’re not buying their place and have moved out? in the contract they wanted us to sign also states that they can take a mortgage out on the place at any time while we are still paying on it, and in so many words if they fail to pay their mortgage on it, we are basically f***ed. they also have the right, and any time, with or without “buyers” agreement come and view the property, inside and out. they also tried to have us pay the taxes on the property right now, that are actually a year behind (talked to the county and they explained the current taxes due and for the year 2007, and if we’re are purchasing, we don’t actually start paying till a year from now.) they refuse to have our name on the property, and we found out there is a lien on it as well. yes, i do feel bad and guilty. what i'm doing isn't the person i really am. whats more is i moved here to get closer to my family, but instead i'm being told all the time what i'm doing wrong and how i need to live my life, how much older i look then my sibling who is older then me etc. basically since moving here i've been attacked and treated like something is wrong with me because i'm not the person my sibling thinks i should be etc. it's tuff, but all i know is once we have a bit more saved up we're moving back to the state we came from :) sunshine in the rain! oh, i'm not worried about a legal issue, nothing was signed etc. to hold us liable for anything. i'm justhaving trouble with myself, that i'm doing this to them, or rather accepting that i can do something like this to someone, even if they are the ones to break the verbal contract first. funny you mention the family/trust thing. the last talk we had on this before i moved, i told my sibling "okay, i'm trusting you on this." go figure

First, in most states a real estate purchase agreement is only valid if it is in writing. Again, a verbal agreement to buy or sell real estate is not binding in most states. Second, the seller has misrepresented the condition of the house. This is called deceptive trade practices. Third, if you buy the house they ave no rights to take out a mortgage on the property. That is loan fraud. Fourth, The way you have been treated is worse than I would expect to hear from enemies. For a family member to treat you that way is unfathomable. I apologize if it sounds like I am thrashing you family, I am not. I will tell you that if anyone, family or not were to treat me or my family that way I would not care what they said or did or thought when I moved out without notice. Do not pay them anything. Do not give them notice. Do not tell them where you are moving to or give them your new phone number. Do not accept their criticism of you or your family. Do move away and start your new life free of the abuse you describe. Do rebuild your life. Do know that many people have been in much worse situations and have bounced back to a better place then they thought possible. Good Luck on your future.