2years and 11 months ago on one of the last days in December at 9pm we refianced an existing loan and then it was sold to Litton in 2008. We have had many mortgages before and refianced before so we understood the process. An email with the document's the night before did NOT include any type of Prepayment penalty forms for us to sign nor did they mention our loan would not cover taxes/insurance with an escrow. On the night of signing the lady said she couldn't discuss the forms only that we had 24hrs to review them since the night before and she is just there to get us to sign them so of course we did believeing that the forms the night before were the same we were signing then.
In 2008 after the loan was sold to Litton we arranged with Bank of America to refiance due to the low rates. It was BOA that told us we have a $10k prepayment penality which would be due before we could refiance. At that time we found out the former loan company has unlawfully without our knowledge slipped in a $10,000 prepayment penalty.
We are stuck for another 11 months before we can refiance unless of course we want to pay Litton $10k (equals the cost of a new ford car!). Does anyone know how we can get out of this mess? We make our payments on time but being nice has not helped when I've called them to beg to be let out of the prepayment penalty.
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