Balloon Payment coming due ? Cant Afford Balloon Payment ? Avoid foreclosure with a Balloon Mortgage Loan Modification. Balloon Payment Assistance can be hard to come by but its more common and obtainable than one may think.
Before explaining a Balloon Mortgage Loan Modification lets first breakdown what is and what caused a Balloon Payment.
What is a Balloon Payment ?
A balloon payment is a one time larger-than-usual mortgage payment , the balloon payment is the sum of loan balance not paid off during regular loan term.
What Causes a Balloon Payment ?
There are many reasons why a loan could have a Balloon payment. A Balloon payment is a way to lower the monthly mortgage/loan payment by not fully amortizing the loan, allowing the payment to be lower than normal because the payments are not broken down in a way to fully pay the loan off in full by end of the term. Loans can be generated with a Balloon payment and or a Balloon Payment option but in most cases a Balloon payment is created through a a Loan Modification.
What is a Balloon Mortgage Loan Modification ?
A Balloon Mortgage Loan Modification can be the Loan Modification of any loan with an existing future Balloon payment, a Balloon Payment option, and a Delinquent Balloon Payment. More Specifically a Balloon Mortgage Loan Modification is the restructuring of the terms of the loan to extend the loan term and pay the remaining balance over a longer period of time than a Short Term Re-payment plan/Forbearance plan would allow.
Regardless of the remaining balance/balance of Balloon Payment these types of modification are easier to obtain due to the circumstances surrounding it. In many cases ( when its not too late ) a borrower is seeking assistance with an upcoming balloon payment that is not yet due and or late, These payments normally come due at the end of the loan term. Its in the mortgage servicers interest to split the balloon balance into payments and collect interest on the balance as payments are made. Rather than receiving one large payment and then considering the loan paid off. In many cases the servicer can gain thousands along on interest collected over time when splitting up the balloon payment.All these factors make a Balloon Payment Modification easier to obtain however they are anything but quick and easy so professional assistance is still recommended.
How do I Apply for Balloon Mortgage Loan Modification ?
For assistance or questions about Balloon Payment Assistance, Balloon Mortgage Loan Modification , Balloon Payment Loan Modifications, Nationwide Foreclosure Prevention Assistance, Short Sales , Mortgage Settlements, Loan Modification and DIL or anything Mortgage/Real Estate related please contact us at (888)558-5856 and or fill out the form below.
Avoid Foreclosure : Balloon Mortgage Loan Modification by firstname.lastname@example.org