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Nevada resident Derek Reich lost his income as a freelance cameraman. He says his lender told him he'd have to make up any missed payments in a giant balloon payment he can't afford. Then he was told if he didn't qualify for a better option, "you're going into foreclosure." So Reich says he's going to spend his 401(k) retirement money rather than get the help that Congress wanted him to have.

3.4 Million Homeowners Skip Payments. But Many Are Scared, Say Congress Needs To Act

By: Chris Arnold | NPR
Posted on: Monday, April 27, 2020

Homeowners say that to catch up on payments, lenders demand big balloon payments they can’t afford. Advocates want Congress to mandate that missed payments simply be added to the end of the loan term.

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