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We have been in the process of obtaining a modification to our home loan through the hamp program. After going through a trial

Thousand Oaks, CA |
Filed under: Residential property

period, we finally have our paper work and it has approx.a 50% balloon payment in 25 yrs. In all the paper work describing the program it was never mentioned that there could be a balloon pmt. How can I find out if this is within the hamp program guidlines before signing the papers?

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Attorney answers 3

Posted

I agree with Attorney Fink - you have better things to worry about than a ballon payment in 25 years. On a 30 year amortization loan - how much is 50% of your loan balance in 25 years? Not much I suspect. If you have a loan modification approved, you are one of the lucky few. Take the mod and don't worry about the baloon payment.

Richard A. Rodgers, Esq.
(805) 230-2525
rar@sd-attorneys.com
www.sdresq.com

As stated in the AVVO.COM Terms and Conditions of Use, this answer is not intended as legal advice, and no attorney-client relationship or privilige is created by this response.

Posted

888-995-HOPE is the government number for HAMP questions. I would not worry about balloon payment in 25 years. Chances are you will sell house or refi long before then.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of California. Responses are based solely on California law unless stated otherwise.

Posted

I agree with the other attorneys. Don't worry about the balloon payment in 25 years.

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