What is the name of your state (only U.S. law)? I live in Oregon.
I will try to do my best here but I`m quite confused so please bear with me. My brother and I have a settlement agreement. One iten in it says I had to put a trust deed on my property because I did a significant addition to it so that my mom could move in. It was done with like I said a "trust deed" the wording says WITNESSETH: Grantor irrevocably grants, bargains, sells and conveys to trustee, in the trust, with the power of sale, the property described as : my house & shows the lot #, etc... there is no dollar amount on this document which has been recorded by the county in which i live. It shows me as the "grantor" the title company as the "trustee" and my deceased father & my living mother`s trust as the "beneficiary". This is secured by a prommisary note. The promissary note says that I will pay the trust back the specified amount of X $`s without interest thereon to be paid from my share of said trust on disbursal of funds. My mother is incompetent and has no idea about this at the present time. My brother who had her change the POA after he knew she was incompetent wont let me talk to her. My house is getting ready to go into foreclosure because of some of my brothers actions, long story !!!. I have a new loan in place yet the lender wants me to subordinate the loan/trust deed to be in second position where it is right now and is very understandable and makes sense. My brother therefor says he will not subordinate it because he wants to see me get foreclosed on. It makes no sense to myself, the morgage agent, the title company, nor the lender as to why my brother is doing this. His lawyer says that he wants me to pay the promissary note off which I cant do. Can he do this even though the promissary note specifically says payable upon disbursement of funds from the trust ? The trust could possibly lose quite a bit of money ,,,,around $200K by not letting this loan go thru. I`m not selling or getting rid of this asset, just trying to refinance the house is all. I dont feel it`s fair to have this black cloud hanging over my head. I dont owe that much on the house to begin with ,only $55K. Am I totally out of luck or what ? Thanks in advance for any and all input.
I will try to do my best here but I`m quite confused so please bear with me. My brother and I have a settlement agreement. One iten in it says I had to put a trust deed on my property because I did a significant addition to it so that my mom could move in. It was done with like I said a "trust deed" the wording says WITNESSETH: Grantor irrevocably grants, bargains, sells and conveys to trustee, in the trust, with the power of sale, the property described as : my house & shows the lot #, etc... there is no dollar amount on this document which has been recorded by the county in which i live. It shows me as the "grantor" the title company as the "trustee" and my deceased father & my living mother`s trust as the "beneficiary". This is secured by a prommisary note. The promissary note says that I will pay the trust back the specified amount of X $`s without interest thereon to be paid from my share of said trust on disbursal of funds. My mother is incompetent and has no idea about this at the present time. My brother who had her change the POA after he knew she was incompetent wont let me talk to her. My house is getting ready to go into foreclosure because of some of my brothers actions, long story !!!. I have a new loan in place yet the lender wants me to subordinate the loan/trust deed to be in second position where it is right now and is very understandable and makes sense. My brother therefor says he will not subordinate it because he wants to see me get foreclosed on. It makes no sense to myself, the morgage agent, the title company, nor the lender as to why my brother is doing this. His lawyer says that he wants me to pay the promissary note off which I cant do. Can he do this even though the promissary note specifically says payable upon disbursement of funds from the trust ? The trust could possibly lose quite a bit of money ,,,,around $200K by not letting this loan go thru. I`m not selling or getting rid of this asset, just trying to refinance the house is all. I dont feel it`s fair to have this black cloud hanging over my head. I dont owe that much on the house to begin with ,only $55K. Am I totally out of luck or what ? Thanks in advance for any and all input.