Form Modification Loan With Balloon Payment
Description
How to fill out HAMP Loan Modification Package?
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FAQ
We can use the below formula to calculate the future value of the balloon payment to be made at the end of 10 years: FV = PV*(1+r)n?P*[(1+r)n?1/r]
-The borrower's income was not sufficient to support the modified payment amount. -The borrower had already missed too many payments before applying for the modification. -The property value had declined, making it worth less than the outstanding loan balance.
In addition to extinguishing the debt by paying off the balloon payment, a borrower can: Refinance the loan. A lender may be willing to work with a borrower to repurpose the debt into a different loan vehicle or modify the terms of the original agreement.
A balloon payment is a larger-than-usual one-time payment at the end of the loan term. If you have a mortgage with a balloon payment, your payments may be lower in the years before the balloon payment comes due, but you could owe a big amount at the end of the loan.
What are two ways to calculate a balloon payment? Find the present value of the payments remaining after the loan term. Amortize the loan over the loan life to find the ending balance.