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Is the remainder ($150k) going to be a balloon @ end of 40 years? Am I going to get a principal reduction and send me a 1099??? What are they talking about??? LOL
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Yes, the $150K will probably wind up as a balloon payment at the end of 40 yrs. From what I've read on these forums Chase does not do principle reductions. I'm also looking at a ballon payment at the end of my loan (assuming they approve me for a loan mod which under the MHAP will force them to extend my loan to 40yrs and reduce my interest to 2% to bring my PIT down to 31%) BUT 40 yrs is a long way off..........