Refinance Mortgage With Deferred Principal Balance

[Housebroken13]

Ughhh.. Trying to refinance or explore my options here. I had a loan mod done a few years back and have stayed current on the loan. Our credit scores are solid and the value of our home is way up.

Our current loan is with Gregory Funding and we have a P/I balance of $188,000 plus a "deferred principal balance" of $80K from our previous modification. I went back and at no point was this amount eligible for forgiveness per the mod agreement paperwork.

I'm debating paying off the $80K so we can refinance and shorten the term and restructure the loan properly.

Any thoughts?

 

[Moe Bedard]

Our resident mortgage expert, Erik Sandstrom has helped many people in the exact same situation. I'm going to alert him to your question so he can answer you. If you are in a hurry, I suggest you call him at 619-379-8999.

 

[Erik Sandstrom]

Hey hey!!! @HOUSEBROKEN,
You don't have to satisfy the forbearance amount, we can roll that into the new loan. I'm happy to discuss options with you and a plan of attack. Our interest rates and terms are extremely competitive. As Moe mentioned above my direct contact is 619-379-8999 or you can also e-mail me at [email protected].