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    walbar's Avatar
    walbar Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 22, 2010, 05:30 AM
    5 year balloon is coming due. What are my options?
    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?
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Aug 22, 2010, 06:28 AM

    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.
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