Profile picture for user879983

With a balloon payment due in 18 months with privale financing how do we get a loan?

Loan  payoff is $155 K.  Home value has dropped from $200K to $135K.  Is there alternative home appraisal

  • February 26 2012 - Oak Creek
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Profile picture for David Widlund
If what you're saying is accurate, there is no good answer except a refinance with the current private lender. Otherwise foreclosure is the only way out unless you have the cash to pay the loan down to appraised value.

If you're wrong about the value vs. amount owed, you can refinance up to 100% of the amount owed with some mortgage products.

Consulting with a local lender won't get you very far. You need to consult with the current mortgage holder for a compromise solution. The balloon payment option could be very bad for both of you and they should see the benefit of refinancing you for a few more years.

Good luck!
  • February 28 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

My advice, I don't really know enough to give it.

This is going to be a negotiation that only you and your lender can determine.  There is no magic answer.  Don't wait, start the discussion right away as it's best for both parties.

How willing a lender is to negoatiate is almost always determined by it's potential losses realized through foreclosure.  If the losses are too great, they will try to mitigate that loss through negotiations.  They will certainly have the upper hand unless the borrower really doesn't care to keep the house.

PLEASE, consult with a real estate attorney before trusting my advice or anyone elses!  Bottom line.

  • February 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for shapiroamg
Nic would be a good guy to check with. He is in CO:
http://www.zillow.com/profile/Colorado-Lender/Reviews/
  • February 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If after you have followed the advice already given you still believe you are "under water", you might want to contact the lender to see if an extension can be worked out.  Remember, if you are still "under water" so are they.  They might prefer an extension to a short sale or foreclosure. 
  • February 27 2012
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

My best recommendation would be to contact an experienced mortgage professional in your area, who will gather all necessary information and facts needed to obtain financing. Zestimates are not always accurate.
  • February 26 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Cindy Quinton
If you are basing this on the "zestimate,"  you shouldn't. Of course home values have fallen in many areas; however, your zestimates are not terribly reliable.
  • February 26 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.