[Moe Bedard]

this is the only type of workout that is in place currently for FannieMae backed loans..............so if you are in need of a modification........this is the option available...........

a forbearance is a short term solution for normally 3-6 months depending on its purpose.
a modification is a restructure of the current loan.

They would be trying to get the payment within an industry standard range........the balloon is only one option to do that..........they don't do all of those options at once on one loan................they will utilize the rate reduction and extend terms first.


You will need to speak to Chase again to find out how you are to pay the forbearance.