A consumer balloon real estate secured loan originated 5.10.2013, will mature 5.5.2018. At origination the loan amount was $258,000, term was 30/5. On 7.25.13, the customer put $128,000 down on the principal balance. The current balance is $115,000. The customer is requesting to lower the payment based on the remaining amortization/term (342/42).
Can this be done without refinancing the loan? If so, what do we need to execute this change?
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