In 1997, we represented a real estate seller who had taken back a mortgage. The mortgage required monthly payments and a balloon payment of more than $300,000 in 2002. The buyer refused to pay certain sums due and owing on the mortgage and claimed that the seller owed him funds relating to the closing. Indeed, the seller did owe the buyer some money from the closing. We held several meetings and the judge tried to mediate the negotiation of a settlement. Did the ego of the buyer or the buyer’s lawyer get in the way? It is impossible to say. The net amount the buyer owed us was less than $10,000; more than what we owed him at the critical time period. We took the case to trial and won. The amount due was therefore accelerated per the agreement, and the buyer was forced to make the $300,000 balloon payment to us within 90 days after the trial and pay our legal fees.
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