New Homeowner
As of 3:22 PM Central time on April 17th, 2009, we became homeowners. We don't get to move in until the very end of May, so we're landlords as well.
I decided I wanted to read each document and understand it. One of my favorite bits of contract language was in the Deed of Trust and I'm now tempted to go try and learn a little about the history of that paragraph. The Deed of Trust ultimately states what can happen if the Lender doesn't get paid (i.e. hire big, scary Italians and what exactly they're allowed to break). This part is in bold in the contract, but I changed that to show exactly what I found so amusing.
If Lender invokes the power of sale, Lender or Trustee shall give notice of the time, place and terms of sale by posting and filing the notice at least 21 days prior to sale as provided by Applicable Law. Lender shall mail a copy of the notice to Borrower in the manner prescribed by Applicable Law. Sales shall be made at public vendue. The sale must begin at the time stated in the notice of sale or not later than three hours after that time and between the hours of 10 a.m. and 4 p.m. on the first Tuesday of that month.
Apparently, the day has something to do with whether or not the court will be able ot be around for the "vendue". Also, it turns out that "vendue" is a real word (yeah, nobody typoed that one) that means "auction".
The most amazing thing about those forms was what they didn't (or probably couldn't) say. "Applicable Law" trumps everything and I, amonst most everyone else, have no idea what bearing "Applicable Law" has on the contract. And since none of us are prescient, noone knows what "Applicable Law" will have on the contract later. So, I'm thinking, "Let's pass some laws that let me keep the house without having to pay the Lender. Oh hey! That's how that bailout thing works." ;)
I decided I wanted to read each document and understand it. One of my favorite bits of contract language was in the Deed of Trust and I'm now tempted to go try and learn a little about the history of that paragraph. The Deed of Trust ultimately states what can happen if the Lender doesn't get paid (i.e. hire big, scary Italians and what exactly they're allowed to break). This part is in bold in the contract, but I changed that to show exactly what I found so amusing.
If Lender invokes the power of sale, Lender or Trustee shall give notice of the time, place and terms of sale by posting and filing the notice at least 21 days prior to sale as provided by Applicable Law. Lender shall mail a copy of the notice to Borrower in the manner prescribed by Applicable Law. Sales shall be made at public vendue. The sale must begin at the time stated in the notice of sale or not later than three hours after that time and between the hours of 10 a.m. and 4 p.m. on the first Tuesday of that month.
Apparently, the day has something to do with whether or not the court will be able ot be around for the "vendue". Also, it turns out that "vendue" is a real word (yeah, nobody typoed that one) that means "auction".
The most amazing thing about those forms was what they didn't (or probably couldn't) say. "Applicable Law" trumps everything and I, amonst most everyone else, have no idea what bearing "Applicable Law" has on the contract. And since none of us are prescient, noone knows what "Applicable Law" will have on the contract later. So, I'm thinking, "Let's pass some laws that let me keep the house without having to pay the Lender. Oh hey! That's how that bailout thing works." ;)