With more than 3.4 million homeowners skipping their mortgage payments, advocates want Congress to mandate that missed payments be added to the end of the loan — sparing borrowers from huge balloon payments.
Nevada resident Derek Reich lost his income as a freelance cameraman. He says his lender told him he'd have to make up any missed payments in a giant balloon payment he can't afford. Then he was told that if he didn't qualify for a better option,"you're going into foreclosure." So Reich says he's going to spend his 401 retirement money rather than get the help that Congress wanted him to have.Nevada resident Derek Reich lost his income as a freelance cameraman.
"They told me, yes, you can skip three months' payments," Gullo says."But then they told me there was a balloon payment at the end of it." He was told that after three months, they'd have to come up with all the money for those skipped payments. So they'd suddenly owe four months of mortgage payments all at once — $14,000.Frank Gullo and Jasmine Esposito-Gullo can't pay their bills and the mortgage on their house on Long Island, N.Y.
"It took my breath away," says Daniels,"that this was so unhelpful being unemployed. Where would I come up with that kind of money?"
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