Bankruptcy Options and How They Affect Your Mortgage

Bankruptcy is a bummer. No one has ever said “OH MAN! I’m so excited to file bankruptcy! It’s going to make everything so awesome!” That being said, sometimes it needs to be done. If you have explored all of the alternatives and have decided to file bankruptcy, it’s important that you know what your options are and how they will impact your existing mortgage, or your future ability to obtain home loan financing.

What Are Pre-Payment Penalties?

Some borrowers find themselves in a situation where they have to pay off their mortgage earlier than originally expected. They're surprised to find that they have to pay what's known as a pre-payment penalty, which can be thousands of dollars. What is a pre-payment penalty and when do you have to pay it?

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