I received word today that I was approved for a CHAMP loan modification, but when I found out about the $80K balloon payment, I no longer want any part of it - apparently my investor (Duetsche) doesn't "do" HAMP loans so the balloon payment was a bit of a surprise (my own ignorance, and my fault).
I simply don't see myself living in my one bedroom condo for the next 40 years, and in fact, would like to get out in a few years or so. If I really scrape and save I can probably manage to make my payments and keep my head above water; to me, that's preferable to owing $80K when I want to sell. Heck, I'd rather do a DIL or SS. What steps do I need to take to refuse the loan modification? Can I negotiate with them at all?