Balloon mortgage payment due in July 2010!?
I currently have a 3 year note on my home and have been faithfully paying for three years…never been late or missed a payment! During the past three years, my ex-husband let his car (which was financed in both of our names) get repossessed. The balance due on the car is $ 17K and my ex refuses to help with payments. I have started making payments on the repossessed amount myself just three months ago. Anyway, with this repossession, I am unable to get a loan to refinance my home. What happens if I don’t get a loan by July??? I have my home up for sale, but have had no interest whatsoever. HELP!
Ok, first of all I no nothing about a mortgage. The mobile home I am currently renting went into foreclosure so I went to the bank today to discuss financing options. My credit is not good (586). This is what the bank offered me – and I don’t really understand. It seems like after 3 years I am going to have to be worried about financing all over again.
The bank offered me a loan for $ 59,000 with interest rate of 8%. My payments would be $ 545 for 3 years then I would have a balloon payment for the remainder (about $ 53,000.)
Please help me understand this – I don’t know if that is good or not 🙁