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ethereality4all

Joined: 20 Mar 2008
Posts: 1
1.97 Dollars($)
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Posted: Thu Mar 20, 2008 3:36 pm Post subject: Can I legally pursue a lost investment?
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| A friend and I purchased an investment property together. Basically, he put up the credit, while I coughed up the closing costs- $20,000 worth. We were originally going to resell it during the housing boom for slightly more than what we got it for; it took a year for the loan to close, during which the value dropped substantially. The friend simotaneously closed his business, and stopped paying the mortgage. The house was foreclosed, and my investment was lost. My name was not on any documents, legal or personal, and we did not enter into a formal contract. Can I sue him? Are there any other actions I can take to retrieve at least SOME money? It was everything I had, and now I want to go to college, and have no money. The house was purchased in 2006, foreclosed in 2007. Any recourse? He owns another property holding value which is involved in a completely different legal nightmare in which I am not involved, however the house does have equity- His brothers and he aquired this house through inheritence and must satisfy a debt with another beneficiary of the inheritence. Could I possibly put an investor lien on that property? I live in virginia where only mechanics' liens exist, so I have come to understand. HELP!! |
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larry

Joined: 27 Jun 2007
Posts: 3322
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gmakerley
 Community Mentor


Joined: 09 Nov 2007
Posts: 12371 Location: bloomfield, ct
57.76 Dollars($)
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jbarto65

Joined: 04 Nov 2007
Posts: 622
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