Has anyone had success with lender to extend a balloon mortgage?
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Had a house which turned into a rental (tried to sell for a year) when we bought bigger house to accommodate growing family. Due to income, this funky loan was only 'bridge loan' option. Tried to refi into fixed, but recent sales in home's area all foreclosures -put our appraisal very low and now appear upside-down on mortgage by $20K. Cannot afford to bring difference to table. Spoke with lender about other options and were advised to fax letter outlining situation, asking for renegotiation. We'd like to just extend the current terms for 5 more years. Loan comes due end of Feb. Lender will not give us any idea of when we'll know - telling us this is all new to them, too, with so many people stuck in similar situation. Our credit is in the 780s and we pay everything on time & in full. Currently have committed paying tenant in home.
Short-sale not an option.
If you've had success (or not) in renegotiating with your lender, please share your story and advise.
No lectures, pls. Thanks!
Has anyone had success with lender to extend a balloon mortgage?As a lender we will extend balloons. Check your loan documentation for an extension clause. Many lenders do offer extensions for a fee. It also depends on if you have a private hard money type loan.
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