Loans, Debt & Credit - View Single Post

doinou · 09-20-2009, 12:39 AM

I just got my loan mod approve. Well my current payment is $1659 this includes taxes and insurance (11.8%. inter) Well my org loan was 132K. Now they offer me 2% inter for the next 3 yrs and 5.05% remaining of loan. However I have a ballon payment of $94K due 2036. What does this mean if say I pay my house off ($132K) say in 5yrs or get it refinance. Do I still have to pay the full ballon payment of $94K as well or how does this work? Should I take the deal. They said I didn't get approved for the HAMP. Don't get me wrong, it will be nice to pay like $800 a month for house payment, but are they gonna be getting there $$ from me in the end? Or should I not take the deal and try to do a refinace. I tried in jan 09 but didn't have the $9K to put down plus my inter would of been like 7%.

09-20-2009, 12:39 AM	#1 (permalink)
doinou Member Join Date: Jul 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Ballon Payment question I just got my loan mod approve. Well my current payment is $1659 this includes taxes and insurance (11.8%. inter) Well my org loan was 132K. Now they offer me 2% inter for the next 3 yrs and 5.05% remaining of loan. However I have a ballon payment of $94K due 2036. What does this mean if say I pay my house off ($132K) say in 5yrs or get it refinance. Do I still have to pay the full ballon payment of $94K as well or how does this work? Should I take the deal. They said I didn't get approved for the HAMP. Don't get me wrong, it will be nice to pay like $800 a month for house payment, but are they gonna be getting there $$ from me in the end? Or should I not take the deal and try to do a refinace. I tried in jan 09 but didn't have the $9K to put down plus my inter would of been like 7%.