Re: Foreclosing on a carryback balloon mortgage

Thanks for the response Rick, but your response is inaccurate. The civil code 2966 and statement you are referring to only applies to balloon loans in excess of one year. As stated in my question it is a 12 month term. Got my answer last week with new trustee company. They filled the NOD immediately-there's no 90 wait. Doubt the buyer will let it go that far as there is still 50% equity in the property after he already gave us $50,000 down, maybe more with the permits and plans he has pulled with the county for multi family dwellings.