DEAR BOB: I am about to refinance my property and pull out a lot of cash for future investments. But the property has an unused HELOC (home equity line of credit) that I will have to close since I would rather have $160,000 cash instead of having the HELOC subordinated. However, I am going to get hit with a $500 prepayment penalty for closing the HELOC before three years. It has been open about 1.5 years. Is there any way to avoid the prepayment penalty? – Chip C. DEAR CHIP: Let me get this straight. You don't want to pay a $500 prepayment penalty on your credit line so you can take out $160,000 in tax-free cash from your first mortgage refinance. Purchase Bob Bruss reports online. Sorry, I am not aware of any way to avoid that $500 prepayment penalty on your HELOC. Have you tried politely asking the lender to waive the prepayment penalty if you pay the lender's costs of clearing the HELOC from your title? Considering it probably cost you nothing to obtain that HELOC, and the...
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