Second mortgage amortized for 30 years but has 15 year maturity (balloon)?

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I found out through a loan modification that my second loan was amortized for 30 years but I am only given 15 years to pay it off. What can I do or who can I contact to get this problem taken care of?

  1. Reply
    Janet P
    May 16, 2011 at 5:06 am

    You will only have a portion paid in 15 years, the rest in one lump payment.

    There is no one to contact, this is the loan you picked out.

    You can refinance into another loan, but there is no problem with this one to fix, that is how they work.

  2. Reply
    May 16, 2011 at 5:37 am

    There is no ‘fixing’ of your current loan. The terms are those to which you agreed when you originated the loan. You apparently didn’t read the contract carefully at that time. You will need to refinance completely in order to change the situation. And I’m guessing that isn’t going to happen if you are working with a loan modification provider.

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