Updated over 8 years ago on . Most recent reply
Can lender force me into foreclosure if I can't repay at maturity
I have a rental property that has a market value of $1.5M and $300K mortgage on it... The 10 year ARM is coming to maturity around 7/17, but I can't find a lender that still does that type of loan anymore (TIC for rental)..
What is going to happen if I can't make the balloon payment at 7/17? I reached out to the bank (Stanford Credit Union) and they told me they could extend "a few months" but that does not really solve the problem...
They dont want to renewal the mortgage because they are getting out of the business themselves... Any one has a similar experience before?
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- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
Diane you need a commercial banker who understands your situation. This is a pretty foreign concept out side of Silicon valley... are you sure your loans are not joint and several.. ??
And how much other debt is in the TIC ? whats the total debt load ?
I seriously doubt though the bank wants to own a % interest in a property.. they can't do much with that....
- Jay Hinrichs
- Podcast Guest on Show #222
