I know there has to be a way to do it. I have talked to customer service and they have said that in some cases, the fee is waived. We SO got screwed with this loan. We asked all the right questions from the get go, but the broker we work with just didn't care enough to give us the time of day. Please help!
I have to be with my loan for 3 years to avoid paying the penalty. I will be 2 years in December. Our interest rate is now above 8%, and will keep rising until it caps at 11.995%. I know that I can refinance with my bank to avoid paying the penalty - as long as I get the same TYPE of loan, which is what I am trying to avoid. I want to get a FIXED rate loan but I refuse to pay the almost $8000 penalty fee. Who can I talk to to get the fee waived, and is it even possible?