Seller Financing Balloon Payment Payoff - How?
Hi Everyone,
I need some help! I have closed on 2 properties both with seller financing for a 30 year mortgage at 7% interest. But the loan balloons in 2 years meaning that I would have to have the loan paid off in 2 years. I now have the funds to make a balloon payment to close out the loans but I wanted to know the official process on doing this? Should I reach out to the title company that did our closing and wire them the funds to wire to the seller? Do i just wire it to the seller myself?
Also, I spoke with the title company when the seller financing payments first started and they said they do not keep track of how much interest and how much of the actual loan amount is paid each month so the only way for me to know how much I have left to pay on the house is by using an online mortgage calculator like the link below.
http://www.calculator.net/mortgage-payoff-calculat...
All of this sounds really sketchy and unofficial to me. I just want to make sure I get the house paid off legally and go about it the right way. Thanks in advance for all your help!
Regards,
Darshan