Scalese

Stanton Alan Wong and Karen Wong appeal from a judgment in favor of the trustee for the Pegorare Family Trust (the Trust).

Background

In June 1987, Elizabeth M. Pegorare, the original trustee, sold a five-unit apartment building (the property) to Frederick and Ami Jo Leeds, taking *866 back a promissory note (the note) and deed of trust. The note was for a period of 15 years, with interest at 11 percent per annum and monthly payments of $1,650.

Mr. and Mrs. Leeds sold the property to a three-person partnership, which assumed the note and trust deed. That entity then sold the property to appellants, who likewise assumed the note and deed of trust.

Appellants made payments through January 1993, when they advised Mrs. Pegorare that they wished to pay off the note in full. Mrs. Pegorare refused, based on terms of the note that prohibited an early payoff.

Appellants thereafter refused to make any monthly payments. On February 6, 1997, Mrs. Pegorare filed the instant action, which contained causes of action for specific performance and judicial foreclosure. Iri their answer, appellants did not raise the statute of limitations, nor did they assert a defense under Code of…