Legal Question in Bankruptcy in Tennessee
what term means
Husband left me.I filed bankruptcy,
I got my house in divorce but the papers where he morgaged the house for 59 pymts of $279.00 to be pd off 2/2007. ((With one final payment of $29,000 thereafter.???)) This was turned over to me 1/2007. What does it mean that one final payment of $29,000 will be made thereafter? may I show you this form? I really want to keep my house, ex lives with his new girlfriend, he financially exhausted me and ran off after 33 yrs of marriage, do I resign his morgage on our house or is it paid off, I basically don't know what he did or what to do.
1 Answer from Attorneys
Re: what term means
It sounds like you got stuck with what is called a "balloon" note. It's called a balloon note because the final payment is always very large. If you can't pay it you could lose the house. Balloon notes are terrible. I would advise never to do them.
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