Penalties for failure to file these forms can be huge.

Haven’t worked with them yet (due to their 54321 payoff penalty) but the terms are good — IF they take you on.

I'm aware of the 10% penalty plus income tax rate, I was just curious if anyone was in a similar situation and cashed out to REI?

FYI, I am 60, will be 61 by the time I would consider doing this so 10% penalty will not apply.

This period is referred to as the grace period before repayment.(7) Borrower will be given four weeks (a month) grace to payback any outstanding repayments (loan amount) at the end of the loan duration before legal actions will be taken.(8) Failure to make a monthly payment of  the loan seven days after the expected date/period, legal actions will be taken against the borrower by our attorney.(9) Address:You must inform us about change of circumstances and must tell us promptly if you change your residential address or zip code, or if you think there is any information that we should be aware of.(10) There is no early repayment penalty attached to this loan.(11) Interest: Interest rate shall be 4% APR irrespective of the loan amount on monthly repayment basis.(12) Repayment: This loan will be granted to you as either an interest+principal monthly repayment loan or as interest only monthly repayment with a final balloon payment of principal at loan closing.

If the loan is paid off in less than 180 days from receipt by the GSE a penalty is charged back to the lender/bank.

Lies on mortgage applications are considered to be banking fraud.4 They can trigger severe financial penalties, prosecution, and even prison time if convicted.

Survey is a toss-up on whether or not it will be required.Is there a pre-payment penalty?

Survey is a toss-up on whether or not it will be required.Is there a pre-payment penalty?

To discourage withdrawals, the government charges that 10% penalty for early withdrawal.