Missed balloon payment- What next?

So I am looking at a park where there is a balloon with ~100k of payoff that “popped” last week.

The bank appears to be working with the owner to try and extend out the balloon date another few years.

I’m wondering if anyone else has seen something similar or has other stories to share in regards to this subject?

This is quite common.
The balloon/note is in technical default.
This is an opportunity to buy the note.

We are buying such notes.

Mike Weiss

Any news on the balloon?

Thank you,

Mike Weiss

I bought the park at a steal. Prior owner’s bank worked with him through closing.

Bottom line. If you’ve got a balloon (who doesn’t), keep good financial records and don’t wait till the last minute before balloon popping to look for financing options.