Need Help Getting Out of a Note. - Posted by BobB

Posted by BobB on February 24, 2002 at 12:45:25:

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.

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 was partially worded by my father and doesn’t make a whole bunch of sense. It also mentions “… agreed upon by the Holder …” in the xtension paragraph. I believe that the buyer massaged the wording just enough to get my father to sign something he didn’t quite understand.

I have about 2 months before I can notify the buyer that the baloon payment is due (no more that 150 days before) according to the note.

Need Help Getting Out of a Note. - Posted by BobB

Posted by BobB on February 22, 2002 at 22:56:24:

My father is the holder of a 7-yr note on a single-family residence (in CA) 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:

(this thread was also posted in Notes Forum)