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Workout loan and disclosures

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Question: 
We had a 30 year fixed loan modified to a 5 - year balloon due to collection issues. The balloon is now past due and we want to do a workout/refi back to the original terms of the original 30 - year note. Would we have to disclose? Our main concern is this is a workout/refi of an expired balloon modification..
Answer: 

Once a loan matures, whatever you do would require new disclosures.

First published on 07/24/2016

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