Posted on: 09th Feb, 2010 01:47 am
i have a lot loan in florida. we still want to build on it but it is worth 1/3 of the original loan. the balloon is coming due and we don't have the mortgage amount. we have tried to refinance but the bank wants outragrous interest amounts. what are our options?
Hi joyce,
Most of the lenders would not want to refinance a lot loan unless there's a home on it which could be used as collateral. Those who offer you a loan will charge high rate of interest. If the balloon mortgage is coming due, you will have to refinance the loan to come up with the balloon payment. There doesn't seem to be any other option for you. However, contact a few more lenders and see what kind of rates they can offer you.
Most of the lenders would not want to refinance a lot loan unless there's a home on it which could be used as collateral. Those who offer you a loan will charge high rate of interest. If the balloon mortgage is coming due, you will have to refinance the loan to come up with the balloon payment. There doesn't seem to be any other option for you. However, contact a few more lenders and see what kind of rates they can offer you.