Posted by BobB on February 24, 2002 at 12:38:53:
I’ll keep you in mind if worse comes to worse. Thanks
Need Help Getting Out of a Note. - Posted by BobB
Posted by BobB on February 22, 2002 at 22:42:16:
My father is the holder of a 7-yr note on a single-family residence that matures in 9/02. The note was phrased with very ambiguous wording, bad english, etc and the maker of the note (a shifty defense attorney) says he has the right to extend it for another 7 years.
My father is pushing 80 yrs old and wants the loan paid in full so he can enjoy his retirement a little.
I am looking for a lawyer who would be willing to look over the note and let me know where we really stand.
Any real estate lawyers out there who would like to take a look and maybe make a few bucks helping us out, please e-mail me at:
Thanks
Re: Need Help Getting Out of a Note. - Posted by Anthony
Posted by Anthony on March 06, 2002 at 15:51:41:
BobB,
It looks like your father has 2 choices either sell the note so he can start with enjoying his retirement or he can get a lawyer. Hopefully if you get a lawyer he can help you quickly and say the other guy is wrong, but this is usually not the case. My dad’s a lawyer and one of the biggest misconceptions is that things get done quickly like on TV. Best of luck to you, but if you do go to litigation this in itself can take months or years and don’t forget lawyers fee’s of about $200/hr.
Your kind of in a rock and a hard place by either selling the note at a lesser value or spendng money on litigation. I’d suggest selling it wether to me or anyone else on this board.
Good luck and God Bless.
Anthony
notes@a3records.com
Re: Need Help Getting Out of a Note. - Posted by Michael Morrongiello
Posted by Michael Morrongiello on February 23, 2002 at 11:53:11:
Bob:
I can empathize with your elderly father wanting his liqidity for this Note sooner rather than later. This is a theme I often see repeated with elderly Note holders who find themselves holding “paper” with long term repayment terms where they come to the revelation the repayment of the Note often may outlive them…
My question is Why was the Note not reviewed by an attorney BEFORE it was executed an apparently accepted by your father?
It very well may be that what the Note payor states is accurate and can be upheld. Sadly this scenario is an example often of why “Preventive Law is a lot cheaper than Curative Law…”
Michael Morrongiello
Re: Need Help Getting Out of a Note. - Posted by BobB
Posted by BobB on February 24, 2002 at 12:36:54:
My father had no legal representation during this sale. The buyer, his realtor and my father put together the documents based on kitchen table conversations and the rest is history. You are absolutely correct about your “preventative law” statement…
A bit more info… the original note (1995) was for a 7 year term, and the ballon payment is due this year. The note has a paragraph about exending it for another 7 years. My father’s intention was to give the buyer the opportunity to extend it if they both agreed after 7 yrs, but not to gaurantee him that right at his sole discretion.
English is my father’s second language, and it appears that some of the note (especially this pragraph) was partially worded by my father and doesn’t make a whole bunch of sense. It also mentions “…agreed upon by the Holder …” I believe that the buyer massaged the wording just enough to get my father to sign something he didn’t quite understand.
Re: Need Help Getting Out of a Note. - Posted by Dimitry Rappoport
Posted by Dimitry Rappoport on February 23, 2002 at 18:07:42:
email me at dimitry@lycos.com we’ll buy the note from your father