Woman gives birth to eight babies

PsychTau · #1 03-19-2010, 08:36 PM

A $450,000 balloon payment? Holy eff.

I know some mortgages can be written with a balloon payment to make the initial monthly payments lower (I guess? Something went wrong here) but I would think you would enter into that with the full knowledge that you would immediately start figuring out a way to refinance or something to avoid that balloon payment.

Or something. GEEZ!

PsychTau

33girl · #2 03-20-2010, 10:53 AM

Quote:

Originally Posted by PsychTau

A $450,000 balloon payment? Holy eff.

I know some mortgages can be written with a balloon payment to make the initial monthly payments lower (I guess? Something went wrong here) but I would think you would enter into that with the full knowledge that you would immediately start figuring out a way to refinance or something to avoid that balloon payment.

Or something. GEEZ!

PsychTau

Oh please. I'd be very shocked if she's even made ONE payment or thought about any of this at all.

DaemonSeid · #3 03-20-2010, 11:20 PM

Quote:

Originally Posted by 33girl

Oh please. I'd be very shocked if she's even made ONE payment or thought about any of this at all.

Yeah...well so much for that reality show she thought would pay it off...maybe she will take out another loan.

AGDee · #4 03-21-2010, 12:25 AM

Quote:

Originally Posted by PsychTau

A $450,000 balloon payment? Holy eff.

I know some mortgages can be written with a balloon payment to make the initial monthly payments lower (I guess? Something went wrong here) but I would think you would enter into that with the full knowledge that you would immediately start figuring out a way to refinance or something to avoid that balloon payment.

Or something. GEEZ!

PsychTau

This is how a lot of people have ended up in foreclosure. They purchased on a crazy loan with a balloon payment or that could end up with exorbitant mortgage rates, figuring that they would re-finance when it got close to the time that the balloon payment was due or the rate would go up. But then property values dropped like a lead balloon and they can't refinance because the appraisals won't come in high enough to do so.