What do you do if you have a Balloon Payment coming due and are unable to afford it ? You apply for a Balloon Payment Loan Modification. Mortgage Servicers offer assistance with un-affordable Balloon Payments and if approved for a Balloon Payment Loan Modification the servicer will allow you to break the balance down and make it in payments over months or years.
What is a Balloon Payment Loan Modification ?
A Balloon Payment Loan Modification is a form of Balloon Payment Assistance Its a Mortgage Loan Modification , just like any Loan modification its the restructuring of existing loan terms in the effort to keep the loan on track and paying or to find an affordable payment in order to keep the loan on track and paying.
What is a Loan Modification ?
A loan modification is the process of working with your lender to modify your loan. When you do a loan modification you are simply restructuring the current terms of your loan. You are not creating a new loan.
What is a Balloon Payment ?
A Balloon Payment is the repayment of the outstanding principal balance made at the end of the loan term. 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 other Options besides a Balloon Payment Loan Modification are there available to a borrower who cannot afford to make the large payment ?
- Short Term Re-payment Plan/Forbearance Plan
- Getting a Loan to pay entire Balloon Payment
- Refinance ( Only an Option if you have Equity )
- Sell Home and Satisfy Loans ( Only an Option if you have Equity )
How do I Apply for Balloon Payment Assistance thru a Loan Modification ?
For assistance or questions about Balloon Payment Assistance, Balloon Payment Loan Modification, 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.
Balloon Payment Loan Modification Help by firstname.lastname@example.org