[quote]3 Sept 2011 after date with interest payable MONTHLY[/quote]
That does not sound like real English to me. Did you reorder some words accidentally? And, in any case, it may have been / should have been superseded by the deed of trust.
Does the deed of trust also state that 3 Sept 2011 is the maturity date of the loan?
[quote]”Should default be made in payment of principal and/or interest when due, the whole sum of principal and accrued interest shall become immediately due, without notice, at the option of the holder of this note.”[/quote]
That’s pretty standard language, I think. You’re not in default yet, are you?
[quote]What exactly would make the note callable?
Doesn’t the deed of trust make it callable?
By the way, both my ex-wife and I signed the deed of trust. I refused to do so at the beginning because my wife was refusing to sign the “stipulation and order” document. [/quote]
The note isn’t callable unless it explicitly says that it’s callable.
However, if the loan matures on 9/3/2011, it’s irrelevant whether it’s callable or not. You have to pay up unless you can negotiate a refinancing, or you can bear the consequences of defaulting.
The difference between the original promissory note and the deed of trust is that the deed of trust makes the loan secured by the property. So now your in-laws have the right to foreclose on the condo. Whereas, without the deed of trust, they could “only” go after you (and your ex-wife) in civil court, seize your (and her) bank accounts, and garnish your (and her) wages.
And then the part where they could go after your ex-wife (even if they wanted to) went away because of the clause in the divorce agreement. So you got the full interest in condo, but in return you took full responsibility for loans on that condo.
[quote]”The parties acknowledge and agree Husband has a right to reimbursement for his separate property contributions of $85,824.49 as described above towards the acquisition of the family residence pursuant to California Family Code §2640.[/quote]
whoa. So you get the 100% ownership in the condo, AND your wife owes you $85,824.49 (or some part of it), do I get this right?
If your ex-wife owes you 86k or even 43k, that should be taken into consideration when you’re negotiating with her parents.
At this point you should really go and find a real estate attorney who can get through this tangled mess.
