Search: "Balloon payment"
Asked 03/17/2008 11:25 am CT (Ivins, UT)
My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!
Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...
[ Total Answers: 1 ]
Asked 01/17/2008 08:31 pm CT (Prescott, AZ)
When a title co. holds your title in escrow and collects your payments, what steps do they have to take to collect the balloon payment before they forclose. They said they sent me a letter but I did not recieve it. It was not a certified letter. They are now forclosing.
Asked 07/11/2007 08:05 pm CT (cross, SC)
my husband was hurt and was out of work long time we filed bankrupsy
and still got behind a payments on [mobile home] case was cancel
my morgage co. demanded a balloon payment of $2700 dollars they agreed after that payment we would work out payment plan monthly,parents help us
with that payment,couple days later
recieved ph call from morgage co.that our loan had been solded & new morgage co told us that wasnt good enough that they wanted a balloon payment
my problem is had another phone caLL FROM LENDING Co.again infoming me
me contract has been sold again and co wants another $2700 we are tryin been makin monthy payment is doubled ,lender still tells me dont send any more payments they wont accept it and will foreclose on my home anyway
tellin me that contract promising me we could make paymentasnt any good because of new lenders we r tryin, can company legally foreclose without even keeping theier end of agreementwe dont want to lose our home and we making payments what rights do we have
Your situation is too complex for anyone to anwer over the internet. I recommend consulting an atto...
[ Total Answers: 1 ]