Ballon Payment question

[doinou]

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%.

[SillyWorld]

Originally Posted by doinou

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%.

Yes Ballon is due atr sale or mortgage payoff, if you ride the loan out to the end most likely they would start a new loan of the balloon payment, or anytime you sell you need whats owed on mortgage plus the balloon

[jlybr2945]

how long did it take for them to make you an offer?

[doinou]

Originally Posted by jlybr2945

how long did it take for them to make you an offer?

I first started all this back in aprl. But after I found this site and sent an email to Jenna Drake. And after my file been pass to 2 other neg 2 months. After the last neg name luis. It got done in a 1 month. However I did have to keep sending emails to Luis and CC Jenna Drake on them. He got it all done in 2 weeks. However I work out of the country and it's hard to get my wife to explain to me what all the papers say. I need to see them so I can better understand them. So I sent another email to Luis, so he can better explain this ballon payment. I should be able to have the house paid off in full within 3 yrs. This if all I have to pay is the org loan of 131K, that I currently owe. Why would they add another 94K to my current loan?

[jlybr2945]

How can I get the Email addresses for these people?

[fredk]

Originally Posted by doinou

I first started all this back in aprl. But after I found this site and sent an email to Jenna Drake. And after my file been pass to 2 other neg 2 months. After the last neg name luis. It got done in a 1 month. However I did have to keep sending emails to Luis and CC Jenna Drake on them. He got it all done in 2 weeks. However I work out of the country and it's hard to get my wife to explain to me what all the papers say. I need to see them so I can better understand them. So I sent another email to Luis, so he can better explain this ballon payment. I should be able to have the house paid off in full within 3 yrs. This if all I have to pay is the org loan of 131K, that I currently owe. Why would they add another 94K to my current loan?

I'll ask about the 800 lb gorilla in the room.

If you have the income to payoff the loan in 3 years what did you need the modification for and why did you have a 11.25% mortgage with that sort of income available?

[doinou]

Originally Posted by fredk

I'll ask about the 800 lb gorilla in the room.

If you have the income to payoff the loan in 3 years what did you need the modification for and why did you have a 11.25% mortgage with that sort of income available?

Well when I bought my home my credit was less than perfect. I will be taking a job out of the country, that will enable me to have a few more $$. Also say if I won the lotto, This would give me the $$ to pay my house off.

[curiousinidaho]

Originally Posted by jlybr2945

How can I get the Email addresses for these people?

Here is the contact info for the two senior managers in the AHMS Home Preservation Department aka Home Retention Team

Hope this helps.

Jeanne Drake-Direct phone line 949-784-6011
Fax Line 866-642-4196
e-mail jeanne.drake@oomc.com



Jim Davis- Phone-904-996-9696
Fax-904-996-9653
e-mail jim.davis@oomc.com

[jlybr2945]

thank you very much. I am e-mailing them now!