Real Estate Attorney – Located in San Antonio Texas
JD GARZA
JD GARZA
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Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
Dan Diaz
Dan Diaz
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Excellent atty. Highly recommendable. Quick & knowledgable.
Larry Offutt
Larry Offutt
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I have used the firm in both purchasing & sell transactions. each time was a pleasure.

Modification renewal, or extension of a loan

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)

In this video:

  • What can happen if you are past the balloon period & you need a modification? 
  • How much time does it take to rewrite a loan, if my deadline is coming up? 

Table of Contents

Extensions

Term Loan Extension Fee: Sometimes this is in an amount equal to 0.30% of the outstanding principal balance. Sometimes this is an arbitrary number, and sometimes there is no loan extension fee at all.

Examples are:

  • a fee equal to three-twentieths of one percent (0.15%)
  • a fee equal to one-fourth of one percent (0.25%) of the outstanding principal amount of term loans

If your buyer is unable to pay the loan due to hardship, then you may want to negotiate conditions like a revised monthly payment. We can re-write the contract for you. You can either negotiate or pursue foreclosure. Usually it is better for both parties to negotiate new terms.

Another option if your borrower is unable to make payments & facing foreclosure, you could do a deed in lieu of foreclosure & the property will be given back to you, for the loan to be cancelled.

How is Refinancing different?

large stack of paperRefinancing is different than making a modification. When you refinance, you are taking out a new loan to pay off the old loan. An extension or modification uses the same contract terms with minor changes and an extension of the maturity date. It does not rewrite a new contract for a new loan amount.

FAQ

We can prepare a new contract for you in any of these scenarios.

You can change the renewal date, interest, payments, & final payment date, just to name a few. There are a number of other negotiable items that can be changed.

It can take about 24 hours to process during regular business days.

Other Related Services We Offer

Maas Law Firm, Texas Real Estate Attorney

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call. 

Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient. 

Michael Eronini
Michael Eronini
Read More
Victor has closed a bunch transactions for us. Very knowledgeable & efficient!
Mandy Molina
Mandy Molina
Read More
Mr. Maas is extremely professional & makes the process quick & painless. Thank you for helping me today. You're a blessing.
Alfredo Ibarra
Alfredo Ibarra
Read More
This lawyer knows his stuff & doesn’t back down from a fight!
JD GARZA
JD GARZA
Read More
Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
Previous
Next

Maas Law Firm, Texas Real Estate Attorney

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call.  Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient. 
Michael Eronini
Michael Eronini
Read More
Victor has closed a bunch transactions for us. Very knowledgeable & efficient!
Mandy Molina
Mandy Molina
Read More
Mr. Maas is extremely professional & makes the process quick & painless. Thank you for helping me today. You're a blessing.
Alfredo Ibarra
Alfredo Ibarra
Read More
This lawyer knows his stuff & doesn’t back down from a fight!
JD GARZA
JD GARZA
Read More
Victor is a mover & shaker in the Real Estate Investment business...I recommend him anytime.
Previous
Next

Maas Law Firm, Texas Real Estate Attorney

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call. 

Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient. 

Contact

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Directions

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230

Directions

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230

Contact

Fields marked with an * are required

Directions

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230

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