foreclosure, there may be back payments that you will be required to catch up on. There may be other liens on your house as well, including Home Owners Association (HOA) fees, taxes, or other payments. One important thing to keep in mind is that there may be penalties tied to these back payments, liens, or taxes. These extra costs are important to factor in from the start because you will not be able to sell your house until they are paid. Loan Pre-Payment Penalties = $________________ Some loans, usually non-government loans, have a pre-payment penalty. A pre-payment penalty means that if you pay off your mortgage too quickly—typically within the first five years—there is a penalty. If you are unsure if this applies to you, track down your paperwork and see if you have a “pre-payment penalty” or “pre-payment rider” attached to your loan. If you do, that section of the paperwork should outline the terms and conditions surrounding it. Sometimes, there is also a penalty for settling the loan within a set period, regardless of the circumstances. Other times, there is only a
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