Flipper/Rehabber · Temple, TX · Member since 2008 · 169 posts · 46 votes
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?
Flipper/Rehabber · Temple, TX · Member since 2008 · 169 posts · 46 votes
11y
@Account Closed Thanks. I was just reading about modifications and it refers to the borrower is late on payments. My borrower has not been late for 3 years. Modification makes sense. I just dont want new lender feel that this is a negative hit against borrower ability.
Residential Real Estate Agent · Lake Havasu City, AZ · Member since 2014 · 89 posts · 9 votes
11y
We do note modifications and extensions all the time. I don't see why it would have a negative effect on the borrower unless the payment history provided shows that they were consistently late on payments, etc.