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Updated over 10 years ago on . Most recent reply

Barry Ratliff's profile image
Barry Ratliff's profile image
Barry Ratliff
  • Flipper/Rehabber
  • from Belton, Texas
  • Member since Jan 6, 2008
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Barry Ratliff's profile image
Barry Ratliff's profile image
Barry Ratliff
  • Flipper/Rehabber
  • from Belton, Texas
  • Member since Jan 6, 2008
Connect
Barry Ratliff
  • Flipper/Rehabber
  • Belton, TX
45
Votes |
161
Posts
Private Lending & Conventional Mortgage Advice

Can seller finance loan terms be extended past balloon date?

Barry Ratliff
  • Flipper/Rehabber
  • Belton, TX
Posted

I carry the note on single family home that their 3yr balloon term is coming up. They need more time to get qualified to pay off note. Can that note be extended for 1 year at same terms or do i need to "refi" for 1 year same terms? And is there a form that is used to do so?

Property is in Texas.

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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Residential Real Estate Agent
  • from Lake Havasu City, Arizona
  • Member since Oct 6, 2014
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Residential Real Estate Agent
  • from Lake Havasu City, Arizona
  • Member since Oct 6, 2014
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Account Closed
  • Residential Real Estate Agent
  • Lake Havasu City, AZ
9
Votes |
89
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Account Closed
  • Residential Real Estate Agent
  • Lake Havasu City, AZ
Replied

It would just be a note modification. 

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