Balloon Mortgages

There are many different types of mortgages with varying terms, lengths, and payment amounts. And while many mortgages are considered “long-term,” there is another type of mortgage that does not tie home owners down to a mortgage payment for 20 or 30 years. By choosing what is known as a “balloon mortgage,” or short term mortgage, home owners make mortgage payments for only a few years and then pay the remaining balance on the loan on the mortgage’s maturation date.

Choosing the right mortgage for you is a very important step in making sure you stay financially stable. Because a balloon mortgage requires you to make a large payment all at once, people who experience sudden financial difficulties may be unable to pay off their loan and may have to file for bankruptcy. If you are experiencing financial difficulties related to a balloon mortgage, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 and talk with a qualified legal representative.

Balloon Mortgages

Balloon mortgages have a short maturation date, typically anywhere between seven and fifteen years. Once the length of the loan ends, mortgage holders have to either pay off the remaining balance or restructure the mortgage for a longer amount of time.

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If you cannot make your mortgage payment and are having financial difficulties, you need to speak with an experienced bankruptcy attorney to help you handle your debt. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 today for more information on your legal options.