balloon payment due in 2 years
I sold my parents house after they died 12 years ago and kept the paper a 6%. The person that bought it fell in hard times and I have allowed them to just make interest payments instead of foreclosing as I live thousands of miles away and I don't want the house back. I'm in over my head as I am new to this and don't know what to do. I tried to get them to refi but they have a history of bankruptcy . The note closes in two years with a balloon payment of $400,000 due. If they could refi I'm sure they would have at a lot lower interest rates. Any ideas of what I should be doing? the house is in California.