Foreclosure Balloon
Friend about to face foreclosure need advice?
To start off my friend bought a place with 19 acres and a home. She owes 69.000 as of right now. Her payments are 525.00 a month but it is on a 12 month balloon note. She is one payment behind and the bank is threatening to foreclose on her. She has payed for 4 years on this place and still owes the same amount as when she first bought it. Im wondering what they can actually do to her if they do foreclose meaning she gets ssi every month and can they get that if it goes into the bank every month. She would like to keep her home but it has gotten so hard for her to keep the payments up. And the bank told her she would be 119 years old when this is payed off. Is that right?
Your friend piked a lousy loan.
She is going to lose the house when the balloon is due, there is no way she can refinance with no income.
The bank can only take her house, if her only income is SSI and she has no other assets they will just have to take the loss. Her income is protected by federal law. They were stupid to lend to her in the first place, so I don’t feel too sorry for them.
PS – Ignore the scams posted here, they will only make the situation worse. We try to keep the sharks out, but they out number the good guys.
Cape Coral Home for Sale $89500 **OWNER FINANCING!
