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I have qualified for a HAMP modification. As part of the loan terms I will have a $54,000 ballon .

Is there any way that this ballon payment can be forgiven or reduced.  My lender is GMAC Fannie Mae loan.
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November 25 2012 - La Crescenta-Montrose
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Answers (1)

This is the term of your loan modification which is what is happening across the board. A loan modification is different from a principal reduction.  What your lender is doing is giving you a temporary relief to your current financial situation and they are adding all your unpaid mortgage payments, interests and late fees to your principal loan. If this will not work for you, then you will need to talk to your lender and ask them if you would qualify for a principal reduction.  For more information, please visit www.makinghomeaffordable.com
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November 27 2012
 
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I have qualified for a HAMP modification. As part of the loan terms I will have a $54,000 ballon .
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November 27 2012 | 1 answers
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