I realize that my loan is a balloon arm and I've already modified my loan a year ago. My husband is getting laid off as of 12/31/09 and I am 3 months behind on my mortgage. I don't know what I'm asking. I can make 4 mortgage payments by end of Dec. 2009 but is it worth it? I mean, it's our first home and I don't want to leave it but a balloon arm- this is really hurting us. Is it worth it? I guess I don't understand what a balloon mortgage is?