After Tracy lost her job, her biggest concern has been her mortgage. Her lender allowed her to defer her monthly payment — but she's worried about the fine print. She says she's 'pretty much terrified' about a balloon payment.
A few weeks ago, Tracy Delphia and her co-workers indulged themselves with talk about what it would be like to be furloughed.
Now that she has lost her job as a research analyst, Delphia is pretty sure she knows the answer: It's better to be working. Delphia, 60, has been told she will be called back as soon as business conditions improve — whenever that is. She's on unemployment and has enough money coming in to buy groceries.
"At this point in time, I'm still trying to squeeze out a mortgage payment and set it aside," Delphia says."I'm pretty much terrified as to what would happen at the end of 90 days or 180 days if suddenly the bank wants thousands of dollars in a balloon payment."
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