Banks required balloon payments, stayed mum on foreclosure moratorium

Big banks led some consumers into financially risky mortgage agreements instead of offering the full relief program touted by the federal government, according to a report analyzing complaints. Detailing the practices of 13 large banks in those cases, researchers found that banks regularly offered forbearance as the only option to homeowners — sometimes requiring balloon payments at the end of the grace period, or putting the loans in forbearance without getting the borrower’s permission. Banks

source https://therealdeal.com/2020/09/22/banks-required-balloon-payments-stayed-mum-on-foreclosure-moratorium/