Fear and Loathing in Las Vegas

Q: We moved from Las Vegas about 10 months ago. After one year on the market, we finally got an offer on our home we were selling due to our military PCS. However, when we requested the pay-off amount, we were hit with over $16,000 in prepayment penalties. We have been with Countrywide for three years and pay our bills on time. Is there any way to have these fees dropped since we are paying the balance of the loan? Do you know of any military relief or assistance programs for which we might be eligible? We are not and have not been in foreclosure at any time during our ownership. Thanks.

-Vickie, Navarre, Fla.

A: Wow, talk about getting bushwhacked! I would call your mortgage company directly and see if you can negotiate a better deal. Mortgage providers might feel some pressure to do something for you considering all the negative news they've garnered and the current real estate and mortgage crisis. Hey, you can't get a "no" without asking. Beyond that, I hope others will learn two very important lessons from your situation. First, real estate is a long-term investment — don't spend the dime if you don't have the time. Second, always read the fine print! I can't think of a situation where a loan with a prepayment penalty is attractive.