When we got married in 2006, my husband and his mother's names were on the mortgage of our matrimonial home because he owned it prior to us cohabiting. He refused to add my name to the title or to the mortgage and he refused to take his mothers name off.
My ex has a promissory note that was written up between him & his mother in 2003 prior to us cohabitating in 2005. His mother had given him a "loan" or "downpayment" for him to purchase our matrimonial home. The promissory note says that the will pay the amount back (without interest) starting in 2008 for a period of 20 years. It also reads that his mother "in the event of the sale or other disposition of the property, one half of the net increase in value thereof shall be attributed to her & paid at that time."
We are trying to figure out the division of property etc... and due to his mother's name being on the landtitle and on the mortgage and the promissory note, they are subtracting the amount which his mother put down, plus subtracting her "interest" in the home dues to the promissory note.
There has been no payments of this loan to his mother. I am wondering if the conditions in the contract are not followed... Would this make the promissory note null and void?
I've tried searching for an answer online, but cannot seem to find one.
Any help would be appreciated.
Thanks
My ex has a promissory note that was written up between him & his mother in 2003 prior to us cohabitating in 2005. His mother had given him a "loan" or "downpayment" for him to purchase our matrimonial home. The promissory note says that the will pay the amount back (without interest) starting in 2008 for a period of 20 years. It also reads that his mother "in the event of the sale or other disposition of the property, one half of the net increase in value thereof shall be attributed to her & paid at that time."
We are trying to figure out the division of property etc... and due to his mother's name being on the landtitle and on the mortgage and the promissory note, they are subtracting the amount which his mother put down, plus subtracting her "interest" in the home dues to the promissory note.
There has been no payments of this loan to his mother. I am wondering if the conditions in the contract are not followed... Would this make the promissory note null and void?
I've tried searching for an answer online, but cannot seem to find one.
Any help would be appreciated.
Thanks
Comment