Joined: Mar 2006
It's my understanding that Regulation Z does not require notices to be provided to customers who have a balloon loan maturing. It's probably good customer service but not required. Does anyone know if Indiana has a requirement of sending notices prior to maturity of a balloon loan?
Our Promissory Note does not state any notice requirements but simply states the customer will have to pay in full the balloon payment at maturity (refinance with same lender or with different lender/payoff out of pocket).