Contracts Keyed to Ayres
Homami v. Iranzadi
Plaintiff loaned Defendant, his brother-in-law, $250,000 for a real estate transaction. The loan was secured by Defendant’s real property. The promissory notes gave Defendant two years to repay the loan, with no interest due. A modification the two agreed to at a later time included the start of interest payments. Defendant eventually stopped making payments on the loan and Plaintiff began foreclosure proceedings on Defendant’s real property. Plaintiff sued to recover the unpaid portion of the loan from the proceeds of the foreclosure sale and Defendant sought credit for almost $40,000 that he had paid. At trial, Plaintiff testified that the $39,324.68 was paid as interest payments that the two had agreed would be paid but not reported. The trial court characterized the payments as interest payments and not a reduction in the principal owed to Plaintiff. Defendant appealed.
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