[Joan Jo]

...my bank in Florida. Need your advice? Hello everyone. Thanks for any advice. I am in Tampa Bay Florida and I have a 30 year mortgage and the payments are about 1300.00 a month. I am 9 months behind on my mortgage payments. I owe about 140K and the house is only worth about 100K. I have had this mortgage for about 5 years. They are suggesting a 2 year balloon with a payment of under $400.00 a month at 1% interest and the balance would be due at the end of the 2 years of a little over 140K. They said that about 3 months before it ends they would look at my situation again to see what they can do.My BIG concern is that in 2 years why would they refianance for 40K over its value? Also, they might sell the loan between now and then and whomever buys it might not want to help. ALSO, maybe as the housing market improves they might not be so willing to help out.A friend of mine said that they are probably offering this becuase I then stay in the house for 2 more years and take care of it and in 2 years if they have to boot me, the house might be worth more for them to sell it. I understand that the bank needs to protect its interest, but it seems like a good deal for them and not so much for me. There is no way I will have that money in 2 years or the difference between what someone would be willing to refi for (if any bank is even willing)I do not know what the best thing to do is. Please help me with some advice. Is this a normal "loan modification" as any of you have heard? Or what do you think I should do. I am without job, but do have a pretty good prospect pretty soon. I will add any other info later if need be. Thanks agian