Legal Question in Real Estate Law in California

Re: Ballon payment

Howdy:

I assume from this at $50k is outstanding? Typically, a note isn't split into "mine" and "yours." Each party is responsible for the entire note.

I assume you have your $25k, and want to be out from under the payment. However, the lienholder won't release half the property. Well, probably not, anyway.

So, I guess the answer is yes, if you pay "your half" but your partner doesn't pay "his half", and you ... or either of you ... doesn't extend the loan, then you will be foreclosed upon.

I am going to furhter assume that you are only paying interest? If that's the case and you pay off half the note, then the interest payments will decrease accordingly.

I'm assuming that your note will allow for a partial payment before renewal. It would be silly for it not to, but you never know.

rkr

Re: Ballon payment

Well, what is your written partnership agreement say??? Oh yes you didn't execute one, you didn't prepare one, you didn't see a real estate attorney or spend that money you didn't need to spend at the outset to hopefully cure problems and answer questions which will now cost you much more to deal with. Do you get my drift. Now instead of sitting in front of the computer wanting free legal advice you should be sitting in front of attorney so that he/she can give you could solid legal advice in this situation. Because there is no written agreement there are more unanswered questions than potentially answered ones. Wakeup and smell the legal roses. You have entered into the area of sophisticated business transactions but have done so using the lowest common denominator mindset. Very bad business move. You know what advice over the net you need real live attorney advice to hopefully help you out of the problem which could affect you and your credit substantially in the future. I have been practicing law in this legal area for over 30 years and understand your problem well. I practice in the S.F. Bay Area and if you wish to contact me call at 925-945-6000.