I hold a mortgage with a 5 year balloon on a property I sold. The 5 years is coming up and I want to know what my options are. Do I renegotiate?

Have you contacted the current owners and will they be able to satisfy the balloon payment? Has the value (in this market) dropped on the property to a point the baloon can't be covered? If they are good people I would work with them so long as they are playing fair too. I wouldn't heavy hand the situation unless it starts to spiral out of control. Your only other option untimatly is to forclose on the property if payment can't be made.