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Modify Balloon mortgage

If I have a balloon mortgage (7 years) that will expire this year, but the local real estate situation is so bad that I cannot possibly think of refinancing due to the low appraisals in my area: is there any clause or new law that can protect me from being requested to pay off my complete remaining mortgage balance? Can I request from my bank to modify the balloon and extend the mortgage, even if it is at a higher interest rate?
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March 15 2010 - San Juan
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Answers (3)

Definitely call your lender and see how they want you to address it.
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March 16 2010
You need to address this asap.  The lender will anticipate payment until you apply for assistance.  Remember, the programs out there are based on assistance with a hardship component and a cash flow component.  Best of luck.
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March 16 2010
The simple answer to your question is that you can indeed ask your current lender what options are available.  and you should!

There's no way we can comment on what they might offer; but if you would default, they're the ones exposed so it's logical they would at least be open to discussing options.
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March 15 2010
 
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