Posted on: 04th Apr, 2010 05:39 am
I have my loan with asc and Im very behind and I began my loan mod under the mhap Ive made my first 2 payments on time and don want any surprises can they ask me for a balloon payment before final approval? I keep getting mixed answers does asc participate in gov programs also?
Hi Guest,
If you make your trial payments on time and if the lender gives you a permanent modification of your loan, then you won't have to pay any balloon payments. However, if you do not get a permanent loan modification, then the lender may ask you for a balloon payment.
If you make your trial payments on time and if the lender gives you a permanent modification of your loan, then you won't have to pay any balloon payments. However, if you do not get a permanent loan modification, then the lender may ask you for a balloon payment.