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My modification has a balloon payment. Is that typical?

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March 22 2013 - Jupiter
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This is sadly typical in more situations lately. the bank wants to make sure they are not losing anything, so the amount of interest they are not charging you today on the portion of the principal they had to set aside - is being charged a deferred balloon payment. I am hearing more and more of $300,000
 and above on balloon payments, it should be unfair. Especially when you see a homeowner who makes $50,000 a year paying such a huge amount at the end. In my opinion, I think it is another tactic of the bank forcing you to choose foreclosure or face the consequence of owing your life to them.
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August 19 2013
Let me look into this and see what I can find out for you

Take care and God Bless,

Mickey Metzger
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March 27 2013
Did you use a third party service to assist? It is best to deal directly with the lender with whom you have the current loan. "Balloon" payments are definitely NOT "typical" nor favorable in most circumstances.
I do know a few contacts that may be able to assist you. Thanks!
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March 24 2013
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No it is not "typical". I would not accept a modification with a ballon payment. You are signing a blank check to pay the bank a larger sum later for the promise of staying in your home now. Do not agree to this modification if it does not fit into a larger financial plan.

Before you sign, get legal advice and find out if you can cut a different deal with the bank or if you would be better walking away and rebuying later.
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March 22 2013
 
Related Questions
My modification has a balloon payment. Is that typical?
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August 19 2013 | 4 answers
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