A friend has told me that if I had a loan which was once a balloon loan and if I was current in my mortgage I could hire an attorney and have my mortgage principal reduced as I could say that I was a victim of predatory loan practices.
My original and current mortgage company recently plead guilty and paid a fine to the federal government for shady loan practices.
Has anyone heard of this
Steve D
You can always hire an attorney. However, there is no guarantee that you will qualify for the program. Not all balloon loans are predatory nor are all conventional loans. You might start by searching around for an attorney handling a class action suit against your lender and ask if you qualify.
?
What you should do is just refinance your mortgage with a different lender that you trust more
Slickterp
Just b/c your original lender did something wrong doesn't mean there is anything wrong with your loan.