Is there a law that a Mortgage Balloon Payment which is current be given an extension in CA ?


i have been paying a vacant land loan for 9 years on time /the bank doesn’t want to renew. Its in California. Its in my personal name and come Feb 1 my credit will be ruined/ I was told that current loans with balloon payments in CA should be extended according to state law. I had refinanced or extended the loan twice before but the bank does not want to do it now. Previously the offered it voluntarily. I believe they are going out of business. Please advise. The loan amount is $97,000 Thanks

over 3 years ago Phil Caulfield said:

I am not sure about the law which you are referring to. However, have you tried to refinance the mortgage with another lender? Your best bet will be to contact a private money lender.

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