My question involves a mortgage in the state of: California
Is it legal to have an interest only loan with no endpoint?
The original loan was for two years, then extended for another two years. After that time was expired, nothing else was done and the payments continued. The interest rate was high and the amount of the actual loan has been paid off if one ads up all the payments.
The property is actually a modular home on land. The modular home is owned outright.
This is a situation for a friend I am helping, and I may not have all the details.
The loan amount exceeds the property worth according to county records.