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can a balloon mortgage be helpful.

Posted on: 31st May, 2010 05:12 pm
I am behind 7 months on my option arm loan. I was recently approved for a modification. It turns out the rates are great but its a balloon mortgage. Am I still in trouble? Do I sign the papers? How in the world do i pay off the balloon amount in the end if i have no money.
hi specialkay!

welcome to forums!

as you are facing a problem in paying off the mortgage dues, then it's better to go ahead and accept the loan modification as given to you by your lender. when the loan turns balloon, you can refinance it and take out a new loan with better terms and conditions.

feel free to ask if you've further queries.

sussane
Posted on: 31st May, 2010 10:04 pm
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