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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 5668
Experience:  28 years of experience in General Practice, Real Estate Law and Estate Law.
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I need help interpreting terms in a Deed of Trust

Customer Question

I need help interpreting terms in a Deed of Trust
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 1 year ago.

It would be my pleasure to assist you. Can you attach the deed of trust?

Customer: replied 1 year ago.
Hi:I am in a non disclosure dispute with a Seller that took a DOT on a condo I bought from him.I am trying to pay off the DOT after a continuing legal battle re: the fraudulent disclosure. I have attached the DOT. I have paid ALL the payments, but NOT an Association special assessment which he did not disclose. I am going to sue him, but want to pay off the DOT.His Attorney is insisting I owe AN additional $15K caused the from "default". I read this increase as a retroactive "increase" in the interest rate, not ADDITIONAL interest. He is friends with the Seller and I believe acting in concert with his friend by negligently demanding this interest.Please advise. I have attached both the Settlement Demand & the original DOT.Thanks!
Expert:  Attyadvisor replied 1 year ago.

Let me review the attached documents and I will get back to you.

Expert:  Attyadvisor replied 1 year ago.

Since the only thing you have not paid is the special assessment, that was not disclosed, I disagree that you are in default. That being said The language with regard to the 18% is, at best, ***** ***** you close the transaction at a title/escrow company

Customer: replied 1 year ago.
Title company close. My Atty missed the R105 hearing (another issue) and I gave to pay this off now before 10/22. I have the funds but this DOT is the Colorado State specimen form and I can't t phantom anyone interpreting the default clause as Additional Interest.
Expert:  Attyadvisor replied 1 year ago.

The 18% is the default rate.

http://www.cobar.org/repository/Inside_Bar/Tax/Real%20Estate%202013%20Year%20End%20Update%20FINAL%20%201-6-2014%20%282%29%281%29.pdf

Yikes your attorney dropped the ball....not good.

The title company should have received information with regard to the special assessment as their function is to insure that you have good and marketable title that is not subject to any liens.

Please keep me posted I am interested in the outcome. Thank you for using JA! If you would be kind enough to rate my service do o may receive credit for my work I would appreciate it.

Expert:  Attyadvisor replied 1 year ago.

The 18% accrues from the date of the default see Weston v. T & T, LLC, 271 P. 3d 552 - Colo: Court of Appeals, 3rd Div. 2011

https://scholar.google.com/scholar_case?case=3491173633447860268&hl=en&as_sdt=6&as_vis=1&oi=scholarr

http://www.cobar.org/opinions/opinion.cfm?opinionid=8079&courtid=1

Customer: replied 1 year ago.
in your opinion does this mean that my original 12% rate increases to 18% retroactivly, or as the seller's attorney is demanding becomes a completely additional interest expense on top of my original interest charged. In a recent settlement letter the seller's attorney was demanding an additional 15, 000 in interest that's on top of the almost $12,000 paid under the original terms of the note.
Expert:  Attyadvisor replied 1 year ago.

The 12% increases. I have provided you links above for case law on this matter.

Customer: replied 1 year ago.
Well that's what I assumed I agreed to. That said now that my attorney has missed my 105 hearing I'm not sure how to settle this foreclosure attempt with a plaintiff attorney who is demanding almost 16000 more than the contract is entitled to
Customer: replied 1 year ago.
What would you recommend I do for next steps if I'm trying to get a fair settlement to pay this guy off.
Expert:  Attyadvisor replied 1 year ago.

If your attorney will not work out a settlement on your behalf you may consider filing a State Bar complaint against the attorney.

Obviously you are free to make any settlement offer that the other side will agree to. If you would prefer to work with a different attorney I would contact the State Bar to refer a reputable attorney to you at www.cobar.org and take action against your attorney that dropped the ball.

I would also want to see the title company file on your closing to see what information the title had with regard to a special assessment.

Thank you for using JA! We appreciate your business.

I can ask the site to remove your attachments for privacy if you would like me to do so as these post are public.

If you would be kind enough to rate my service so I may receive credit for my work I would appreciate it.

Expert:  Attyadvisor replied 1 year ago.

Thank you for using JA! We appreciate your business.

I can ask the site to remove your attachments for privacy if you would like me to do so as these post are public.

If you would be kind enough to rate my service so I may receive credit for my work I would appreciate it.

Do you have any additional questions for me?

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