Legal Question in Credit and Debt Law in Florida

Hello, My friend signed a 30 year home mortgage in Florida 10 years ago. They didn't read the fine print and found out last month that there is a 250k balloon payment at the end of the loan. The loan has been bought by other banks 3-4 times. Since they signed the loan papers 10 years ago are they stuck?


Asked on 10/30/16, 4:13 pm

2 Answers from Attorneys
Lucreita Becude Lucreita D. Becude, P.A.

not enough information. Why is there a $250K balloon payment. Are they making payments, is interest being withheld. The house is probably not worth what they paid for it at the current market. They are certainly obligated to pay however, I would suggest they try to renegotiate the terms.

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Answered on 10/31/16, 12:15 pm
Angelo Marino Angelo Marino Jr. PA

Based solely on what you state, yes they are obligated. Refinance.

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Answered on 10/31/16, 1:57 pm


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