When you get a second mortgage, or when you sell your home, you will be paying off your original home mortgage. This means that if you have a prepayment penalty, you could be in trouble. And, if your lender is on the Implode List, you could have issues, because they may not be willing to negotiate the prepayment. Kathy at Shak & Jill explains the Implode List:

This is a listing of lenders who have stopped lending money since late 2006 and her lender unfortunately made the list.  Because the company is in trouble, we are not very hopeful they’ll be willing to negotiate.

So take care. With everything that’s going on in the mortgage industry, you don’t want to find yourself stuck.