Q: I have a mortgage loan question
Someone did a balloon mortgage loan so I wouldn’t lose my house for 30,000 for 2 years I paid interest now it is time to pay the 30,000 I don’t have it could I lose my house?
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A:
I am not sure what "someone" means because it must be the owner of the home obtaining the mortgage. Are you the tenant? In any event, of course, whoever holds the balloon mortgage can foreclose on the home. You have to refinance the note to avoid the ballon payment.
Good luck.
A:
Losing your house to foreclosure is only one option of many. You could also: 1) Negotiate a modification, 2) Refinance, 3) Sell the property and cash in equity, 4) Answer the foreclosure to set up a defense that buys you enough time to find alternate living arrangements, 5) Bankruptcy to clear up unsecured debts so you have more money to pay a higher mortgage amount, or 6) If the property does not have equity, you can do a short sale or deed in lieu of foreclosure.
If the foreclosure does take place, you may be entitled to surplus funds from the auction.
Schedule a free consultation to make sure you come up with a plan that benefits you most.
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