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Posted On: September 8, 2010 by Scott Sagaria

What is a Balloon Payment?

A San Jose bankruptcy attorney clarifies a Balloon Payment...

A balloon payment is an agreed upon payment sometime in the future for a lump sum of money. This lump sum is usually payable following a certain time period agreed upon between the lender and borrower. In real estate, a balloon payment mortgage is mostly used in commercial mortgage, but can be seen in residential mortgages as well. A balloon payment will usually occur when a mortgage does not fully amortize during the life of the mortgage, thus a balloon payment is due on the last day of the mortgage. As frustrating and unfair as it may be, the inability to pay the balloon payment at the end of the life of the mortgage will result in a default.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to working with you, San Jose and the South Bay!

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