Zillow Advice: Loan Modifications - My modification has a balloon payment. Is that typical? http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ Zillow Advice | Zillow Real Estate This is sadly typical in ... http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 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 <br/>&nbsp;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.<br/> Tue, 20 Aug 2013 05:53:00 GMT http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 2013-08-20T05:53:00Z Let me look into this and ... http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ Let me look into this and see what I can find out for you<br/><br/>Take care and God Bless,<br/><br/>Mickey Metzger Thu, 28 Mar 2013 02:29:00 GMT http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 2013-03-28T02:29:00Z Did you use a third party ... http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 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.<br/>I do know a few contacts that may be able to assist you. Thanks! Sun, 24 Mar 2013 16:27:00 GMT http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 2013-03-24T16:27:00Z No it is not "typical". I ... http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 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.<br/><br/>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. Fri, 22 Mar 2013 16:21:00 GMT http://www.zillow.com/advice-thread/My-modification-has-a-balloon-payment-Is-that-typical/484208/ 2013-03-22T16:21:00Z