Hello-
I have a HAMP loan that originated in 2013. The principal is $139k. A deferred payment of $45k is due at the end in 2034 along with a Balloon Payment of $135k. Is it possible to refinance to say a 15 yr mortgage and get rid of the Balloon? I am starting to think of the future and how to manage this. My credit has vastly improved since I took this out. I have stable employment and the house is now worth over $300k. Any thoughts are appreciated. Thank you.
I have a HAMP loan that originated in 2013. The principal is $139k. A deferred payment of $45k is due at the end in 2034 along with a Balloon Payment of $135k. Is it possible to refinance to say a 15 yr mortgage and get rid of the Balloon? I am starting to think of the future and how to manage this. My credit has vastly improved since I took this out. I have stable employment and the house is now worth over $300k. Any thoughts are appreciated. Thank you.