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Hello! I understand that the terms of a loan modification presented to me has that there's a balloon payment of $160,000 due when the loan matures-in 2035. The house is in NY. My question is, is this payment also due if I should sell the home before that time. It doesn't specify so why I'm asking. Thanks in advance!
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Yes. It is part of the principle balance but you are paying no interest on that part of the balance. That is how this kind of modification works.
Answered on Oct 03rd, 2016 at 11:27 AM