My second mortgage

@mimatexas (1835)
United States
September 7, 2007 6:29pm CST
I have lived in my new home for a year now and I just found out that my second mortgage has a balloon payment. I was very surprised to know because when we signed up the papers they didn't let us know. The note is for 15 years and I will have a balance at the end of the term. I am going to have to refinance and make sure we pay it off by the end of the 15 years. What do you think? Should be contact the mortgage company and ask why they are doing this? Please be careful to read every single paragraph before you sign up any papers so it won't happen to you too!
2 people like this
2 responses
@slickcut (8141)
• United States
8 Sep 07
Yes those mortgage companies can sure get to you,they are so anxious to sell ,and we want the house so much we fail to look at the small writing,perfectly understandable on your part but they just don't want to meation it..They should have made sure that you were told..The only thing you can do now is to refinance when that balloon note comes due,it might be you will get a better finance charge,who knows..You could contact the mortgage company if you want to but it won't do any good,it will just make you madder because they will say its your fault,or you might get someone nice that will say something like"Oh im so sorry ,they should have told you! thats still not going to make any difference....Its just something that we over look sometimes in the rush to buy, or in our excitment of purchasing something new,its actually their fault, but it always ends up being your fault in the long run..They NEVER make mistakes,and neither do banks,or any other company you do business with..I do not mean to sound negitive but i have dealt with all kinds of companies and you just never win.If we aren't real careful in the beginning when the papers are signed ,if we miss the small stuff,we end up eating it,or as they say now days(suck it up!!! lol
@mimatexas (1835)
• United States
10 Sep 07
They certainly avoided to tell us about this balloon payment because they knew we wouldn't sign if this happened. I have contacted another loan company which assures me they can refinance it for the 15 years without having a balloon payment at the end. It will cost me to be a little bit higher on the monthly payments but it's worth it. I just pray that we get approved.
@kelly60 (4548)
• United States
16 Sep 07
Yes, you should always make sure sure that you know all of the details of any contract before you sign it. I have had more than one contract that I refused to sign. I always look them over closely or ask someone to look them over for me before I sign them. Once they are signed, you are stuck with whatever terms you have agreed to, even if if wasn't what you were told.