My husband and I recently did an owner finance purchase of
My husband and I recently did an owner finance purchase of an office suite. The note was signed, and deed recorded. A day after the deed was recorded, the agent for the seller contacted us to let us know that the note needed to be reconfigured and the payment would be more than initially estimated, they emailed me the request and I approved the request because the dollar figure was off by less than 3 dollars. The next day I received an email from the escrow company stating that the entire figure was wrong, that because we had an interest only loan, 3 years, with an arm, that the dollar amount was off by several hundred dollars. The new dollar amount is in our favor. The sellers agent has rewritten the note and requested we sign it at the higher dollar amount, which now includes payment towards principal as well as interest. I feel that the error was in our favor, that the lower amount should be honored, and that an interest only payment is what we agreed to, so we are justified in getting an interest only payment. Last night my real estate agent advised me that if we do not sign the new note the seller is going to back out of the sale and repossess the property, which we are currently operating business out of. I don't believe this is a legitimate threat because 1 - the deed has been recorded and 2 - this is a matter of working out the finance details, not a matter of the sale not being valid.JA: Where is the property located?Customer: Millcreek City, UtahJA: Has any paperwork been filed?Customer: yesJA: Anything else you want the lawyer to know before I connect you?Customer: Time is of the essence, they're trying to pressure me into signing the new note because the first payment is due April 1 and the seller is leaving the country
The co-owner that secured the private loans for improvement
The co-owner that secured the private loans for improvement did so unilaterally noting the property as collateral, repairs/improvements were made, and both enjoyed the benefits of those improvements. The sticky wicket here is that the co-owner used the property to secure the note, signing his name only to the Deed of trust. The other co-owner did not sign nor was asked to by the lender. The private loans are still unpaid and now the other co-owner wishes to file a partition action. The Prom. notes and Trust Deed are in a file and have not yet been recorded yet against the property. It the property were forced to be sold, based on earlier responses, it seems like the co-owner (debtor) would get stuck having to repay all of these outstanding bills on the property - even though both enjoyed the benefits of the private loan, only one co-owner signed, and therefore may be solely responsible to repayment from his 1/2 of the proceeds of the sale? This is sad and maybe true? But, as stated, aren't joint tenants equally responsible for expenses incurred relating to the property and would this not be unjust enrichment of the latter party that did not sign? It seems that an earlier private loan to acquire the property would be subject to this as well? Ultimately, does one go ahead and try to record these private loans against the property, even though only one signed the Deed of Trust to secure the notes or is this something that has to go directly to a civil action. One of the purposes is to encumber the title to compel the non signing co-owner to understand that one can't stick the other with expenses that were mutually beneficial.
We sold a commercial property and hold a note for the
We sold a commercial property and hold a note for the majority of the sale price. We have discovered the borrower/trustee has given easements (for $ and other valuable considerations) as well as taken out another loan against the property. We are very uncomfortable with their intentions at this point. Can we call the loan?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: CAJA: Has any paperwork been filed?Customer: What kind of paperwork are you talking? Original note, deed, etc. were recorded as well as recordings of these easements and new noteJA: Anything else you want the lawyer to know before I connect you?Customer: Those are the basics
If I am holding the note and deed of trust on a property and
If I am holding the note and deed of trust on a property and the borrower changes the zoning from commercial to residential in AZ Can I file for foreclosure or call the note due?JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?Customer: AZ. We send a demand letter and he is currently 120 days late on paymentsJA: Has any paperwork been filed?Customer: With the court NoJA: Anything else you want the lawyer to know before I connect you?Customer: He also transferred title and then put it back in his name when he knew we found out. There is a due on sale clause.
I read an article on the situation where one note is secured
I read an article on the situation where one note is secured by more than one trust deed.This happens when the lender requires multiple parcels of real property as security for a loan. California law permits multiple foreclosures contemporaneously or consecutively on the real properties. Does Utah also permit this?
Where there is one promissory note but two different trust
Socrateaser,Where there is one promissory note but two different trust deeds on different parcels of land, and the lender has foreclosed on one of the trust deeds but not on the other, and the proceeds of the trustee's sale from the foreclosed trust deed was not sufficient to pay off the note does the statute of limitation not even start until the note holder commences an action on the other trust deed (securing the same note, but on a different land parcel)?
Second opinion] Utah has a six year statute of limitations
Second opinion] Utah has a six year statute of limitations on a creditor bringing a suit to collect a debt based on a written contract such as a promissory note. So, if a debtor signs a promissory note and secures it with a first trust deed on a piece of real estate, and then at a certain point makes no payment on the note for over six years, what happens in terms of the creditor being able to pursue collection on the debt? How does it affect the first trust deed if at all?
Utah has a six year statute of limitations on a creditor
Utah has a six year statute of limitations on a creditor bringing a suit to collect a debt based on a written contract such as a promissory note. So, if a debtor signs a promissory note and secures it with a first trust deed on a piece of real estate, and then at a certain point makes no payment on the note for over six years, what happens in terms of the creditor being able to pursue collection on the debt? How does it affect the first trust deed if at all?
WiseOwl58 Today, I submitted the order for bankruptcy
WiseOwl58Today, I submitted the order for bankruptcy conformation plan to the sheriff responsible for praecipe of sale. She informed me she would fax over the order, to plaintiff's attorney but they would be responsible for removing property from praecipe of sale list. The plaintiffs were already served the order October 14, 2016. These are the same attorneys that file their praecipe of sale more than a month after we were granted the bankruptcy conformation plan. The next sale is December 21, 2016 and according to the employee responsible for the sale we are not on that one. The next sale is January 18, 2017. I believe they are going forward with the sale automatic stay or no automatic stay. The trial court Chronological Summary Report does not reflect the notice I flied to the court that we received the bankruptcy plan filed November 29, 2016. The clerk claims their system was backlogged and their data system was temporary down, but the entries are pending according to the clerk to be entered. It's more of the same deception I witness for the last seven years. The plaintiff's attorney misrepresent himself as counsel for EMC Mortgage LLC former subsidiary of JP Morgan Chase Bank that has been inactivated since February 21, 2014 according to the Texas Secretary of State. Chase has stated in a letter they cannot validate the debt and they would cease and desist from further efforts to collect the debt but the attorneys continue to litigate. They get help at every level. I don't trust none of them. If they filed their praecipe of sale after we received the order for the confirmation plan and Indiana statute state that the home goes to the buyer irregardless of fraud. They don't possess the original note, mortgage, or trust deed, and there are 2 missing release of mortgage. They will just create fraudulent documents to replace the originals. What can I do?