Some loan modification offers suck

William Negron, in his mid-70s, lost his job in car sales two years ago. The possibility of losing their home put “so much stress on him,” said son Carlos Negron. “My mother has been to the hospital twice because of this.”

Relief turned to shock when the Negrons saw the new loan terms: the monthly payment fell to $1,280 from $2,000, but the loan would be extended to 40 years from 30, with a $25,000 balloon payment in 15 years. William Negron would turn 90 about the same time.

“That was a major slap in the face,” said Carlos Negron. The couple gave up their Orlando home.

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1 Comment

One Response to “Some loan modification offers suck”

  1. Leroy O. Bama says:

    That isn’t a bad deal. Oh they want to pay off the house so they can borrow more at 90 years old? LOL