Loan maturity date

[treman]

Hi,

 

Do mortgage lenders typically extend a loan maturity date?

 

My loan's maturity dates is 2/2021. There will be a balance of ~$13K still owed, which I definitely will not have. I can make extra payments to chip away at it, but won't come close to getting it paid off in 8 months. 

 

This has been weighing on my and I plan to call my mortgage company this week to discuss, but wanted to see what my advice/options others in this scenario have been given (extend maturity date/loan modification). 

 

Thanks in advance.

 

[centex]

How did you reach a point that the loan has that sort of an amount remaining?  Did they screw up the amortization table somehow or is this account for the taxes that would go through the escrow account?  Or was this written as a short-term balloon note?

 

And, admittedly, HOWEVER it occurred, you may want to look at finding a good 0% offer that allows you to effectively BT the balance away and get the year to pay it off at no additional amounts of interest. 

[cv91915]

I have some of the same questions as above, but you could also get a HELOC and use the line to pay off the first mortgage balance.  And then pay off the HELOC ASAP.

 

 

[tiggerlgh]

Call your servicer sooner than later. They may have options for you. What caused the balloon pay,ent?

[treman]

I have no idea. I'm going to contact my lender for an entire account history.  I took out the original 30 year loan in August of 1999, then in March 2001 refinanced to a 20 year loan. It wasn't written as a balloon loan.