Yes thats correct. Also, here is the verbage of the contract...
Dear Sir or Ma'am,
Connie B. XXXXX and John B. XXXXXX are in agreement that Connie B. XXXXX will assume the mortgage loan number XXXXXX-X for the property at XXXXXXXXXXXXXXXX, Chesapeake, Va XXXXX. John B. XXXXXX will be paid $10,000 to be removed from the loan. Mr. XXXXXX can be contacted at (XXX) XXX-XXXX and his current address is XXXX XXXXXXXXX XXX Sanford, Florida XXXXX. Please send an application to Connie B. XXXXXX at XXXX XXXXX XXXX Chesapeake, Va XXXXX to contiue the assumption process. Thank you.
Could it be argued that because the contract states that she would pay him to be removed from the current loan. But since he is still on the current loan, she hasn't completed the contract and should not be required to pay him. Also, if she refinances the original loan would be considered mute, and a new loan number would be created. I know this is me reading between the lines, but since he hasn't been removed then the critereria in the contract hasn't been met.
Attorney
Licensed in PA & NJ, specialize in business/contract disputes, immigration, estate creation & admin