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Help me !!! Prepayment penalty
Hello this is my situation. We need and equity line or refinancing but we have a prepayment penalty.
It says:
If I make prepayments of this loan during the first 3 years of the Note term, beginning the date this Note is executed. I will pay a prepayment penalty in the amoung of the six months advance interest on the amount by which the aggregate prepayments made within any consecutive twelve month period exceed 20% of the original principal amount"
What can I do? What is your suggestion/
Thanks
kary
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