Wells Fargo home loan modification with balloon payment

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Post Posted: Sun Jul 25, 2010 8:32 am    Post subject: Wells Fargo home loan modification with balloon payment

We were recently given an option from Wells Fargo for a home loan modification that reduces my home loan by three hundreed dollars, for the next 5 months, but has a balloon payment due in 5 months of nearly $6000.00 in December. They told me that in November if I was unable to make the balloon payment I could apply for an additional modification that would reduce the payment further. If I was able to pay "2300.00" per month, which is what I would have to do in order to make the payment and save enough to comply with the "balloon" payment, I wouldn't need a modified loan. We are current on all our payments so far and haven't even gone 30 days late. The document they want me to sign states that I am in default of my loan. How do I sign something that isn't true? The paperwork also states that they have the right once the papers are signed to begin foreclosure on my home immediately. It also states that they do not guarantee additional modification if we cannot make the balloon payment. Help
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