Modification with balloon payment

Anonymous — Tue, 22 Sep 2020 01:33:34 GMT

Almost 3 years ago I went through loan modification with Wells Fargo.

The terms include a partial claim of $30743 which will be due 1/1/2048.

Market values have gone up and I was hoping to get a HELOC to remodel my bathrooms but I don't think that's an option as the mod resulted in a subordinate mortgage.

Can I convert that balloon payment into a second mortgage?

Is there a way to refinance so that I can qualify for a cashout or HELOC and eliminate that balloon payment?

I applied for a HELOC from US Bank before realizing that balloon payment is not due until 2048 but it's still looming over me.

Any advice from the pros?

topic Modification with balloon payment in Mortgage Loans

Modification with balloon payment