Getting Out of Mortgage - Options?
I don't know if this goes in this forum or not, but what the heck....
In November I did something really, really stupid.
Knowing that interest rates were really low, I went ahead and signed on for another two years, fixed. That extends my mortgage to November 2013.
However, I am now looking to move into an apartment. Originally, I was looking at a condo, but with the condo fees the way they are in Ottawa, I'm basically paying a mortgage AND rent. So I'm pretty much looking at an apartment. So if I sell my house, I'm on the hook for a MAJOR penalty. I'm going to the bank tomorrow to find what it is, but I'm looking at nearly $10,000. Like I said, I was REALLY stupid. I was sweet-talked into taking it because of the low interest rates and the allure of saving almost a full percentage off what I was paying.
Are there any options? I doubt a buyer would be interested in assuming the mortgage given that rates have gone down even lower in the past week or so.
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