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The Practices:
Equity
Stripping
The
Balloon Payment
Loan
Flipping
The
"Home Improvement" Loan
Credit Insurance Packing
Mortgage Servicing Abuses
Signing Over Your Deed
Do's and
Don'ts
More Info
Home
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Hidden Loan Terms: The Balloon Payment
You've fallen behind in your mortgage payments and may face foreclosure.
Another lender offers to save you from foreclosure by refinancing your mortgage
and lowering your monthly payments. Look carefully at the loan terms. The
payments may be lower because the lender is offering a loan on which you repay
only the interest each month. At the end of the loan term, the principal-that
is, the entire amount that you borrowed-is due in one lump sum called a balloon
payment. If you can't make the balloon payment or refinance, you face
foreclosure and the loss of your home
Loan
Flipping | |
| ;HomeEquityScamsFraud
Home Equity Scams & Fraud:
Do's and Don'ts
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