My question involves a mortgage in the state of: CA.
I have a personal mortgage between myself and my father in law for $100K. He made us sign a balloon mortgage that was for a term of 3 years at a rate of 8.5% with nothing due until the end of the term. The term was up last October. His spoken intention was not to ask for the money back until we sell the house. I'm not sure how this leave the balloon mortgage - does it continue to accrue at the same rate as previously? Or does it cap out at the 3yr mark?
He has also filed an Assignment of Rents with this. It is my understanding that this means he can only collect rent if we rent the property out to someone else, not from us, is this correct? What other rights does this give him?

