Posted on: 28th Aug, 2009 02:04 pm
an arizona home was purchased from a private party three years ago. the balloon payment is coming due. the home has since depreciated in value and is not 'worth" the balloon payment amount.
are loan modifications possible in this circumstance.
are loan modifications possible in this circumstance.
Hi sonicblue,
It depends upon the private lender whether or not he would modify your loan. As you are facing hardship in paying off the loan dues, you should contact with your lender immediately and apply for a loan modification.
It depends upon the private lender whether or not he would modify your loan. As you are facing hardship in paying off the loan dues, you should contact with your lender immediately and apply for a loan modification.
the only way to know if it is possible is to contact the private party.
