[frenchlambda]

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose,[/quote]

According to Eugene, they have a right to foreclose based on the fact that the loan will mature on 9/3/2011.

[quote=Eugene]
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. [/quote]

[frenchlambda]

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose,[/quote]

According to Eugene, they have a right to foreclose based on the fact that the loan will mature on 9/3/2011.

[quote=Eugene]
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. [/quote]

[frenchlambda]

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose,[/quote]

According to Eugene, they have a right to foreclose based on the fact that the loan will mature on 9/3/2011.

[quote=Eugene]
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. [/quote]

[frenchlambda]

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose,[/quote]

According to Eugene, they have a right to foreclose based on the fact that the loan will mature on 9/3/2011.

[quote=Eugene]
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. [/quote]

[frenchlambda]

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose,[/quote]

According to Eugene, they have a right to foreclose based on the fact that the loan will mature on 9/3/2011.

[quote=Eugene]
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. [/quote]

[frenchlambda]

[quote=ucodegen]The note associated with the deed of trust should have been modified by the minimum of the $85k.. resulting in an outstanding balance of $200,000 – $85,824.49 or $114175.31 — making refi much easier. Have you yet received the $85k?
[/quote]
I used these $85K towards the down-payment for the property. Since 75% of the total down-payment came from money I had acquired outside the marriage, it is my understanding that I would get 75% of whatever equity was in the house at the time of dissolution.
The problem is that at the time of divorce, there was only $10K of equity in the house (appraised value: $340K; balance on the loans: $330K). In other words, pretty much my entire contribution to the down-payment disappeared in the loss of value of the property after 5 years.
All that I got was the right to keep the little of equity in the condo.

[quote=ucodegen]
This makes the note callable on default. Notice that the wording states “shall become immediately due” with the condition of “Should default..”. Are you current in the payments to the ex-in-laws?
[/quote]
Yes I am current. I pay the interests or $833 (since it’s an interest-only loan) to my ex’s parents every month since we are separated.

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose, but I am concerned that you are omitting something… the paragraph you ‘forgot to mention’ is incredibly critical.
[/quote]
I am going to scan the Promissory Note and the copy of the Deed of Trust if you wish to look more in details. Those are the only document besides the Divorce Agreement part that I already mentioned earlier.

[quote=ucodegen]
Is the mortgage document with the in-laws written in English or French?[/quote]
It’s in English. The in-laws and my ex-wife are American. I’m the only who’s French.

[frenchlambda]

[quote=ucodegen]The note associated with the deed of trust should have been modified by the minimum of the $85k.. resulting in an outstanding balance of $200,000 – $85,824.49 or $114175.31 — making refi much easier. Have you yet received the $85k?
[/quote]
I used these $85K towards the down-payment for the property. Since 75% of the total down-payment came from money I had acquired outside the marriage, it is my understanding that I would get 75% of whatever equity was in the house at the time of dissolution.
The problem is that at the time of divorce, there was only $10K of equity in the house (appraised value: $340K; balance on the loans: $330K). In other words, pretty much my entire contribution to the down-payment disappeared in the loss of value of the property after 5 years.
All that I got was the right to keep the little of equity in the condo.

[quote=ucodegen]
This makes the note callable on default. Notice that the wording states “shall become immediately due” with the condition of “Should default..”. Are you current in the payments to the ex-in-laws?
[/quote]
Yes I am current. I pay the interests or $833 (since it’s an interest-only loan) to my ex’s parents every month since we are separated.

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose, but I am concerned that you are omitting something… the paragraph you ‘forgot to mention’ is incredibly critical.
[/quote]
I am going to scan the Promissory Note and the copy of the Deed of Trust if you wish to look more in details. Those are the only document besides the Divorce Agreement part that I already mentioned earlier.

[quote=ucodegen]
Is the mortgage document with the in-laws written in English or French?[/quote]
It’s in English. The in-laws and my ex-wife are American. I’m the only who’s French.

[frenchlambda]

[quote=ucodegen]The note associated with the deed of trust should have been modified by the minimum of the $85k.. resulting in an outstanding balance of $200,000 – $85,824.49 or $114175.31 — making refi much easier. Have you yet received the $85k?
[/quote]
I used these $85K towards the down-payment for the property. Since 75% of the total down-payment came from money I had acquired outside the marriage, it is my understanding that I would get 75% of whatever equity was in the house at the time of dissolution.
The problem is that at the time of divorce, there was only $10K of equity in the house (appraised value: $340K; balance on the loans: $330K). In other words, pretty much my entire contribution to the down-payment disappeared in the loss of value of the property after 5 years.
All that I got was the right to keep the little of equity in the condo.

[quote=ucodegen]
This makes the note callable on default. Notice that the wording states “shall become immediately due” with the condition of “Should default..”. Are you current in the payments to the ex-in-laws?
[/quote]
Yes I am current. I pay the interests or $833 (since it’s an interest-only loan) to my ex’s parents every month since we are separated.

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose, but I am concerned that you are omitting something… the paragraph you ‘forgot to mention’ is incredibly critical.
[/quote]
I am going to scan the Promissory Note and the copy of the Deed of Trust if you wish to look more in details. Those are the only document besides the Divorce Agreement part that I already mentioned earlier.

[quote=ucodegen]
Is the mortgage document with the in-laws written in English or French?[/quote]
It’s in English. The in-laws and my ex-wife are American. I’m the only who’s French.

[frenchlambda]

[quote=ucodegen]The note associated with the deed of trust should have been modified by the minimum of the $85k.. resulting in an outstanding balance of $200,000 – $85,824.49 or $114175.31 — making refi much easier. Have you yet received the $85k?
[/quote]
I used these $85K towards the down-payment for the property. Since 75% of the total down-payment came from money I had acquired outside the marriage, it is my understanding that I would get 75% of whatever equity was in the house at the time of dissolution.
The problem is that at the time of divorce, there was only $10K of equity in the house (appraised value: $340K; balance on the loans: $330K). In other words, pretty much my entire contribution to the down-payment disappeared in the loss of value of the property after 5 years.
All that I got was the right to keep the little of equity in the condo.

[quote=ucodegen]
This makes the note callable on default. Notice that the wording states “shall become immediately due” with the condition of “Should default..”. Are you current in the payments to the ex-in-laws?
[/quote]
Yes I am current. I pay the interests or $833 (since it’s an interest-only loan) to my ex’s parents every month since we are separated.

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose, but I am concerned that you are omitting something… the paragraph you ‘forgot to mention’ is incredibly critical.
[/quote]
I am going to scan the Promissory Note and the copy of the Deed of Trust if you wish to look more in details. Those are the only document besides the Divorce Agreement part that I already mentioned earlier.

[quote=ucodegen]
Is the mortgage document with the in-laws written in English or French?[/quote]
It’s in English. The in-laws and my ex-wife are American. I’m the only who’s French.

[frenchlambda]

[quote=ucodegen]The note associated with the deed of trust should have been modified by the minimum of the $85k.. resulting in an outstanding balance of $200,000 – $85,824.49 or $114175.31 — making refi much easier. Have you yet received the $85k?
[/quote]
I used these $85K towards the down-payment for the property. Since 75% of the total down-payment came from money I had acquired outside the marriage, it is my understanding that I would get 75% of whatever equity was in the house at the time of dissolution.
The problem is that at the time of divorce, there was only $10K of equity in the house (appraised value: $340K; balance on the loans: $330K). In other words, pretty much my entire contribution to the down-payment disappeared in the loss of value of the property after 5 years.
All that I got was the right to keep the little of equity in the condo.

[quote=ucodegen]
This makes the note callable on default. Notice that the wording states “shall become immediately due” with the condition of “Should default..”. Are you current in the payments to the ex-in-laws?
[/quote]
Yes I am current. I pay the interests or $833 (since it’s an interest-only loan) to my ex’s parents every month since we are separated.

[quote=ucodegen]
So far, I have found nothing that makes them able to foreclose, but I am concerned that you are omitting something… the paragraph you ‘forgot to mention’ is incredibly critical.
[/quote]
I am going to scan the Promissory Note and the copy of the Deed of Trust if you wish to look more in details. Those are the only document besides the Divorce Agreement part that I already mentioned earlier.

[quote=ucodegen]
Is the mortgage document with the in-laws written in English or French?[/quote]
It’s in English. The in-laws and my ex-wife are American. I’m the only who’s French.

[frenchlambda]

[quote=Eugene]
I don’t see anything here to suggest that ex-wife’s parents have the right to foreclose, as long as you’re paying as usual, unless there’s some kind of agreement between you and ex-wife’s parents that we were’t told about yet.[/quote]

I forgot to mention the following clause as part of the promissory note:

“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.”

[frenchlambda]

[quote=Eugene]
I don’t see anything here to suggest that ex-wife’s parents have the right to foreclose, as long as you’re paying as usual, unless there’s some kind of agreement between you and ex-wife’s parents that we were’t told about yet.[/quote]

I forgot to mention the following clause as part of the promissory note:

“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.”

[frenchlambda]

[quote=Eugene]
I don’t see anything here to suggest that ex-wife’s parents have the right to foreclose, as long as you’re paying as usual, unless there’s some kind of agreement between you and ex-wife’s parents that we were’t told about yet.[/quote]

I forgot to mention the following clause as part of the promissory note:

“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.”

[frenchlambda]

[quote=Eugene]
I don’t see anything here to suggest that ex-wife’s parents have the right to foreclose, as long as you’re paying as usual, unless there’s some kind of agreement between you and ex-wife’s parents that we were’t told about yet.[/quote]

I forgot to mention the following clause as part of the promissory note:

“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.”

[frenchlambda]

[quote=Eugene]
I don’t see anything here to suggest that ex-wife’s parents have the right to foreclose, as long as you’re paying as usual, unless there’s some kind of agreement between you and ex-wife’s parents that we were’t told about yet.[/quote]

I forgot to mention the following clause as part of the promissory note:

“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.”

[Author]

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