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

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 26 2012 - Oak Creek
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

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!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 28 2012

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.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 27 2012
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/
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 27 2012
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. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 27 2012
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 26 2012
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 26 2012
 
Related Questions
With a balloon payment due in 18 months with privale financing how do we get a loan?
Profile picture for David Widlund
Latest answer by David Widlund
February 28 2012 | 6 answers
  • Asked by user879983
  • In Refinance
  • February 26 2012
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 32020 Mack Ln, Oak Creek, CO Home For Sale
    32020 Mack Ln, Oak Creek, CO 80467

     For Sale: $149,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 328006
  2. 33855 Pine Drop Dr, Steamboat Springs, CO Home For Sale
    33855 Pine Drop Dr, Steamboat Springs, CO 80487

     For Sale: $13,925,000

    • Beds: 6
    • Sqft: 10308
    • Baths: 6.0
    • Lot: 155
  3. 28050 Yellow Jacket Dr, Steamboat Springs, CO Home For Sale
    28050 Yellow Jacket Dr, Steamboat Springs, CO 80487

     For Sale: $576,000

    • Beds: 3
    • Sqft: 2376
    • Baths: 2.0
    • Lot: 224334
 
 
 
Sign in with Google