Q: How do we change our owner financed home loan from a 5-year loan to a 30-year loan?
I purchased a home that my boss financed for me. I signed a promissory note for 5 years payment then balloon payment or get new financing. It is now due. We have reached an agreement that my boss will now do a 30year financing. How do we change the note from 5year to 30year? I know there will be a new promissory note with the new 30yr terms but, also do we make a new deed of trust, or have it amended to show the new terms? Is this something we do, or do we need to go to a title company again? I also want to add my wife's name to the deed and loan.
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