Opinion ID: 1036719
Heading Depth: 3
Heading Rank: 1

Heading: Altmeyer Loan

Text: Residential demanded Terrace repurchase a loan made to Lawrence and Sandra Altmeyer due to undisclosed debts on their mortgage application. Failure to fully disclose pre-existing debts is an Event of Default and breaches the Client Guide. Appellant's App. 356, 463. To substantiate its demand, Residential relied on four prior mortgage agreements bearing the Altmeyers' names. Terrace argues, as it did before the district court, that these mortgage agreements do not show the balance of the debts on the day the Altmeyers applied for the loan presently at issue. Because it is possible the Altmeyers paid off their mortgage debt, Terrace claims, Residential's demand is based on pure speculation. Appellee's Br. 15. We cannot review this argument. It is undisputed Residential determined an Event of Default existed and properly notified Terrace of the Event. Terrace did not independently investigate Residential's claim, Shortridge Dep. 233:17-21, Appellee's App. 59, and has not repurchased the loan. To inquire further by reviewing the validity of Residential's Event of Default determination is to contradict unambiguous contract language. Minnesota law does allow such an inquiry. Travertine Corp., 683 N.W.2d at 271.