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What I believe it means is: Your mortgage payments are set at a certain interest rate (paying off interest and some principal) over a long time frame, maybe 30 years. But instead of the loan going for 30 years, at the end of 3 years your loan has to be paid off in full. If you havent got the funds to payout the lender, you have 2 main options: approach the original lender to apply for a new loan, or find another lender to loan you the money. If you can't do either of the above, sometimes your balloon loan allows yearly extensions to allow you time to refinance (worthwhile having as you never know your situation in 3 years time :( ) If you can't refinance or payoff the loan you can set yourself up for a default in your loan, losing the house, bad credit history and all your repayments. With regards mark
What else can I help you with?
How long will it take to payoff 12000 in credit card debt paying 400.00 per month?
at 16% interest 3 years three months at 28% interest 4 years 4 months
Is the statute of limitations counted on an auto loan default from the date of the last due payment or when the auto is repossessed?
Depends on the state you live in. Check the list. Statutes of limitations for delinquent debt State Written contracts Oral contracts Promissory notes Alabama 6 years 6 years 6 years Alaska 3 years 3 years 3 years Arizona 6 years 3 years 6 years Arkansas 5 years 3 years 5 years California 4 years 2 years 4 years Colorado 6 years 6 years 6 years Connecticut 6 years 3 years 6 years Delaware 3 years 3 years 6 years D.C 3 years 3 years 3 years Florida 5 years 4 years 5 years Georgia 6 years 4 years 6 years Hawaii 6 years 6 years 6 years Idaho 5 years 4 years 5 years Illinois 10 years 5 years 10 years Indiana 10 years* 6 years 6 years Iowa 10 years 5 years 10 years Kansas 5 years 3 years 5 years Kentucky 15 years 5 years 15 years** Louisiana 10 years 10 years 5 years Maine+ 6 years 6 years 6 years Maryland 3 years 3 years 3 years Massachusetts+ 6 years 6 years 6 years Michigan 6 years 6 years 6 years Minnesota 6 years 6 years 6 years Mississippi 3 years 3 years 3 years Missouri 10 years 5 years 10 years Montana 8 years 5 years 8 years Nebraska 5 years 4 years 5 years Nevada 6 years 4 years 6 years New Hampshire 3 years 3 years 3 years New Jersey 6 years 6 years 6 years New Mexico 6 years 4 years 6 years New York 6 years 6 years 6 years North Carolina 3 years 3 years 3 years North Dakota 6 years 6 years 6 years Ohio 15 years 6 years 15 years Oklahoma 5 years 3 years 5 years Oregon 6 years 6 years 6 years Pennsylvania 4 years 4 years 4 years Rhode Island 10 years 10 years 10 years South Carolina 3 years 3 years 3 years South Dakota 6 years 6 years 6 years Tennessee 6 years 6 years 6 years Texas 4 years 4 years 4 years Utah 6 years 4 years 6 years Vermont 6 years 6 years 6 years*** Virginia 5 years 3 years 6 years Washington 6 years 3 years 6 years West Virginia 10 years 5 years 10 years Wisconsin 6 years 6 years 6 years Wyoming 10 years 8 years 10 years *Six years if contract is for payment of money. ** Five years if promissory note is added to a bill of sale. + The applicable statute of limitations in Maine and Massachusetts on a debt owed to a bank or on a promissory note signed before a witness is 20 years. Me. Rev. Stat. Ann. tit.14, s 751; Mass. Gen. Laws ch. 260, s 1. ***Vermont's statute of limitations on a promissory note signed before a witness is 14 years. Source: Money Troubles: Legal Strategies to Cope With Your Debts, 9th edition (Nolo, 2003). http://www.nolo.com. Used by permission
What does mean Held-to-Maturity Securities?
Held-to-Maturity SecuritiesHeld to maturity securities means a long term security that a company or individual has decided to hold until its date of maturity like 3 years, 5 years, 10 years etc...
Invest R20000 for 10 years which attracts 5 percent for 3 years and 8 percent for 4 years. Calculate interest for remainder 3 years if investment paid out R44253.44 after 10 years.?
your mom would never get that much...
How many in 3 score?
A "score" is 20 consecutive years in time. 3 "score" would be 60 consecutive years.
What are the release dates for Hawaiian Eye - 1959 Payoff 3-27?
Hawaiian Eye - 1959 Payoff 3-27 was released on: USA: 28 March 1962
What are the release dates for It Takes a Thief - 1968 Payoff in the Piazza 3-8?
It Takes a Thief - 1968 Payoff in the Piazza 3-8 was released on: USA: 13 November 1969
How long will it take to payoff 12000 in credit card debt paying 400.00 per month?
at 16% interest 3 years three months at 28% interest 4 years 4 months
What are the release dates for Richard Diamond Private Detective - 1957 The Payoff 2-3?
Richard Diamond Private Detective - 1957 The Payoff 2-3 was released on: USA: 16 January 1958
What does the term "payoff pitch" mean in baseball?
In baseball, a "payoff pitch" refers to a crucial moment in an at-bat when the count is full (3 balls and 2 strikes). It is the pitch that will determine the outcome of the at-bat, as the batter must either swing and potentially get a hit or take the pitch and risk striking out.
Is balloon boy in Five Nights at Freddy's 3?
Balloon Boy is present in FNaF 3 only as a hallucination, as 'Phantom BB'.
Kathy has 4 dogs and 2 cats The mean age of her pets is 3 years What will mean age be 10 years from now 20 years from now?
The mean is the average. To get an average age of three, 3 of her pets would have to 4 years old and the other 3 would be 2 years old. In ten years she would have 3 pets that are 14 and three that are 12, therefore the mean age of them would be= [(14*3)+ (12*3)]/6= 13 So in following the same concept, 20 years the mean age of her pets would be 23.
What does a 3 flat sentence mean?
3 years
List the 3 ways to increase the pressure inside a balloon?
Adding more air to the balloon. Heating the air inside the balloon. Decreasing the volume of the balloon by squeezing it.
What does a 3 flat prison sentence mean?
3 years
How many phonemes in the word balloon?
There are 3 phonemes in the word "balloon": /b/ /ə/ /luːn/.
What does every 3 years mean?
the world cup ( I think) happens every 3 years or 4 years?
