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215.551.7109
Hoping to learn more about your options when faced with financial challenges? You've come to the right place.
- Filed under: Balloon, Balloon Payment, Chapter 13 Bankruptcy, Default, Foreclosure, Matured Mortgage
Philadelphia bankruptcy, credit report, and debt collection abuse attorney
Hoping to learn more about your options when faced with financial challenges? You've come to the right place.
- Balloon, Balloon Payment, Chapter 13 Bankruptcy, Default, Foreclosure, Matured Mortgage
Philadelphia bankruptcy, credit report, and debt collection abuse attorney
Today is the day.
It’s past time you had someone in your corner.
Our first consultation is always free.
Let's join forces.
What to do if you can’t afford your balloon mortgage payment
If you can’t afford the lump sum payment, you have three options to consider:
- Ask for an extension: Lenders may provide borrowers more time to pay back the balloon payment, so it’s worth requesting an extension.
- Refinance your mortgage: You may be able to refinance your mortgage.
- File Chapter 13 bankruptcy: In a Chapter 13, you can repay the balloon payment over 5 years and protect your home from any threatened foreclosure.
Example: $30,000 Balloon Payment
If your mortgage accelerated, leaving a $30,000 balloon payment due immediately, you can file a Chapter 13 bankruptcy to stop any threatened foreclosure and propose to pay that $30,000 balloon over 60 months with interest.
The Bottom Line
Only a Chapter 13 bankruptcy can modify the terms of the matured mortgage affording you the option of repaying a balloon payment in 5 years, and preventing any threatened foreclosure. It’s free to chat with me about your options – you can call or text me at215.551.7109.
Today is the day.
It’s past time you had someone in your corner.
Our first consultation is always free.
Let's join forces.
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