You might need to renew your loan if your loan has a balance remaining upon its maturity date. The lender/owner has the option to require a full payoff. Loan renewals have a similar process as the original loan application. You may need financial information to prove your stability. However, in most cases of owner finance, you do not have to follow strict rules to re-write the loan. If there is a balloon payment due on the loan, then the original borrower needs to extend the loan. If they have been consistent in making their payments, you may consider extending the note two years. The extenuating circumstances of the economy and lending restrictions may prohibit refinancing. Negotiate a fee in lieu of extending the loan. It is usually better to work out terms with your buyer in good payment standing. Otherwise, you call the loan due leading to recursive action. Price: $300 (Setup an appointment here)