Your saying, If I owe a balloon payment to my siblings and have been paying them a monthly fee I have to divide the balloon payment by 60 mos and add that to the monthly payment I have been giving them? What if you don't make that amount of money to give them and to live?
Hello - the 60-month payment term is a Chapter 13 repayment plan. If a mortgage loan matures (or balloons) you can pay back that portion over a 60-month BK term. Keep in mind it may also include interest if it is a secured loan. - This is not legal advice.
@@sternberglawgroupJLS Thank You for your quick response! My lawyer had to reschedule, so I met with him today. Thanks for sharing your knowledge. Not to many options for me, because of my low income. I can't pay back the balloon payment in the 60 mos. unless I make more money. I will be working hard to secure additional jobs, but may not reach my goal soon enough. However, I believe in prayer! If you do also, please do the same. Thanks!
