Posted on: 20th Mar, 2008 03:36 pm
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!!
Hi ethereality,
Welcome to the forum.
I am sorry to hear your situation. But if both of you bought the house together, then why have not you put your name on the deed? Do you have any proof that you have given the money to him? You will have to prove that you have given $20,000 but he has not paid it back to you.
I think you should consult with attorney in this regard.
Best of luck,
Larry
Welcome to the forum.
I am sorry to hear your situation. But if both of you bought the house together, then why have not you put your name on the deed? Do you have any proof that you have given the money to him? You will have to prove that you have given $20,000 but he has not paid it back to you.
I think you should consult with attorney in this regard.
Best of luck,
Larry
anyone can sue anyone else for any reason at any time. so the easy answer to that question is "yes."
the key question, really, is whether you will be successful if you sue. that you had a verbal agreement might make a difference in your favor.
i seriously doubt you will have much success in attempting to place a lien on his property in virginia.
the key question, really, is whether you will be successful if you sue. that you had a verbal agreement might make a difference in your favor.
i seriously doubt you will have much success in attempting to place a lien on his property in virginia.
Do you have any type of reciept that you could produce, you may have to pursue civil litigation, if you have bank statements or anything that can prove that you invested the money, witnesses to the fact or anything else that may prove you invested this money. Goodluck, hope you get some good resolution soon.