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Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34430
Experience:  30 years of real estate practice experience.
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I had a Installment Note due June l, 2015 on an owner occupied

Customer Question

I had a Installment Note due June l, 2015 on an owner occupied home which I owned. The owner is attempting to sell the house as they were unable to get financing for the balloon payment. Can they sell the house after the note for the balloon can due?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Loren replied 2 years ago.
Thank you for using JustAnswer. I am Loren, a licensed attorney, and I will do whatever I can to answer your question.
Your choices are to foreclose, if you have the house securing the note or to sue on the note without foreclosing on the property.
You can also restructure the debt. For example, you can agree to extend the balloon payment in exchange for higher interest.
If they have a buyer in mind you can defer enforcement of the default to see if it closes and be paid from proceeds.
I hope this is helpful.  If you have any follow up questions feel free to post them.  It is never a problem.
Thank you.
Expert:  Loren replied 2 years ago.
Did you have further questions? Have I answered your question?