As Jack suggested I contacted the CFPB on 2/10/2014 to ask about a balloon loan that has matured if we still have wait 120 days before we start foreclosure proceedings. I received a phone call on 3/7/2014. The person I spoke with is an attorney for the regulations and he informed me that his answer is his opinion. He told me that we would have to wait the 120 days before staring foreclosure proceedings if the loan had matured/ballooned. I also gave him a scenario that the loan had not preformed as agreed, that it would not cash flow (ATR) and would not be a QM and again he told me we would have to wait the 120 days.
