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My mortgage is under loan modification and it has a clause…

Customer Question
My mortgage is under...

My mortgage is under loan modification and it has a clause can sell and have a have balloon payment at maturity of the loan? Is this legal?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Massachusetts

Lawyer's Assistant: Has any paperwork been filed?

Yes I have already the paperwork because I wanted to keep my home?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I co own the property with my brother, how do I have him removed the loan? Thanks

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 9 minutes by:
12/12/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,737
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

Parties in MA are allowed to freely contract as they see fit for anything that is not illegal. It is not necessarily illegal to have a balloon payment at the maturity of the loan as long as the court deems the amount reasonable and affordable. In fact, on many modifications, that is the only way a lender can get payments down low enough for the borrower to allow them to keep affording the payments. However, if the court finds the balloon payment excessive, which is a judgment call by the court based on the amount of the loan and amount due at the end, they can find the loan to be predatory.

You can actually use a local consumer attorney in MA to review the mortgage agreement and do what is called a forensic mortgage audit to determine if a court would deem the balloon reasonable or not before it even gets to that point.

You cannot remove your brother from the loan unless the lender agrees to another borrower who you would also have to put on the deed or you have to pay the loan off yourself to remove him from the loan.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 2 months ago
Ok thank you. How do I get in contact with a MA attorney to review my loan modification papers? Thanks
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 months ago

Thank you for your reply.

You can get a forensic loan audit/review done by getting a local consumer attorney or real estate attorney from one of the same sites used by other attorneys http://www.hg.org or http://www.superlawyers.com

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Satisfied Customers: 121,737
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