Installment Sale Contract

What is the name of your state? ca

Have a high-interest Installment Sale contract on
apartment building (commercial real estate). I have
written the PO Box of the lienholder asking for a
payoff amount (so I could refinance the note).
I have received no contact from them and have no
other way of contacting them. Do I have the right
to force the refinance or must I pay out the complete
installment sale amount (including the full-term interest)?

[HomeGuru]

Originally posted by rbarber
What is the name of your state? ca

Have a high-interest Installment Sale contract on
apartment building (commercial real estate). I have
written the PO Box of the lienholder asking for a
payoff amount (so I could refinance the note).
I have received no contact from them and have no
other way of contacting them. Do I have the right
to force the refinance or must I pay out the complete
installment sale amount (including the full-term interest)?

**A: what does your contract state? Is there a prepayment penalty clause?
You don't pay them monthly?

I do pay a monthly installment (including 9 percent interest)
and the contract is a standard preprinted form that says
nothing about prepayment penalties or prepayment at all.

[HomeGuru]

Where are you making your monthly payments to? Have the collection account or escrow ask for a payoff.

I mail my payment each month to the PO Box of the
lienholder. That is who I have written and asked for a
payoff amount. I have received no reply. What next?
Do I open an escrow with a title company and let them
try to get a reply?

[HomeGuru]

Originally posted by rbarber
I mail my payment each month to the PO Box of the
lienholder. That is who I have written and asked for a
payoff amount. I have received no reply. What next?
Do I open an escrow with a title company and let them
try to get a reply?

**A: yes.

Thanks

[HomeGuru]

Ok.