A Situation Balloons
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The article on five- and seven-year balloon note mortgages that are coming due now by Lew Sichelman (July 20) makes several good points, clarifies details and makes helpful suggestions to people with these types of mortgages.
But what if your balloon note is coming due and you have no equity, and your house is worth less than you owe to the mortgage company? There are no easy and simple options except to add more money to the pot or face foreclosure.
This is my situation, and my wife and I have been on an emotional roller coaster since January of this year, trying to work it out with our current “mortgage servicer.” “Holder” might be a better word, because service hasn’t entered the equation yet. I know I’m not the only household in L.A. in this situation. With the several-year slide of the Southland real estate market, making these rollovers is not so simple.
RICK CASEMORE
Westchester
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