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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42257
Experience:  Texas Attorney for 30 years dealing in real estate
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I gave my wife (seperated) a loan rental home in NJ. It was

Customer Question

I gave my wife (seperated) a loan for a rental home in NJ. It was a mortgage filed in courts. She sold the house and paid back the loan plus interest (she says its still disputed) and claims its a predatory loan. About a year ago we signed a martial property agreement that on there stated the balance of the loan at $181,000. From that date forwarded she paid in the interest (not full payment) and the interest she was short added to her balance now at $183,101. The house was sold and I was paid this $181,101 but now she claims it was a predatory loan and wants all records to prove the balance. What am I obligated to give her as she knows the payment history goes back years can drag out contest each monthly payment to drag this out. Can't I use the $181,000 on the signed property agreement as the starting point? Also, what do I need to do to show it was not a predatory loan? The agreement was 3 points over the DJ prime.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.s

Has she actually filed suit here and is asking this through discovery, or is this voluntary request, some more information here please, thanks

Customer: replied 1 year ago.

She says the house was sold and the mortgage balance paid to me was paid under dispute and she can challenge it at any time. Now she wants to force me to show records of ALL payments for the past years and dispute/challenge each one. Can't I use the property signed agreement balance from about a year ago as the reference point to start with? She uses the statement preadtory loan but this is the first I heard it. Never did her lawyer state it to my lawyer during the closing process, so is she just blowing smoke or do I have an obligation to provide something? The loan interest was 3 points over DJ prime. How is that predatory?

Expert:  Ray replied 1 year ago.

Unless she has filed suit here and there is discovery--questions called interrogatories or a request for documents again through that lawsuit you can tell her to pound sand.You are not obligated unless she files a suit and then this information may be sought through such discovery.

Your lawyer should respond here and decline to produce this if there is no suit or other litigation.Sounds like she is trying to weasel out of paying you what you are validly owed.I don't see this as predatory at all.

Thanks for the follow up.

Customer: replied 1 year ago.

Can I tell her to rely on the balance stated on the property agreement as the starting point of what was owed versus forced to show ALL payment history? Will this balance on our property agreement hold up in court?

Expert:  Ray replied 1 year ago.

Yes you can and I think it will.They seem to be desperate to try to avoid paying you here.

Expert:  Ray replied 1 year ago.

If you can positive rate when we are through it is much appreciated, take care and thanks again.