Posted by Bud Branstetter on October 29, 1998 at 11:48:03:
Most banks and institutional mortgages are fully amortized. That means there are no balloons payments. If you bought on a wrap you want to know what that underlying mortgage says. If there is a balloon it would be up to the owner of the property to settle or refi. If it some other situation with a non-assumable loan that is whole other story. Buyer Beware!