Results 1 to 2 of 2
  1. #1
    Join Date
    Apr 2008
    Posts
    1

    Default Friend Misused Construction Loan

    My question involves criminal law for the state of:florida
    hi, I'm in a situation where I loaned a large amount of money to an individual (friend) specifically for the construction of his personal residence,where upon completion and a bank mortgage would be taken and I would be repaid, I have it in writing, signed and notorized. During the construction period the borrowee used a large sum of this loan to purchase other properties on which he thought he would make money, when he finally took a mortgage on the said house, he didn't have enough to repay completely, only about one half, he since admitted that he used the money for reasons other than our agreement and says that when he sells any property he will repay me with that money, he now owns about 20 vacant properties, all clear, has sold only 2 so far and repaid only a small amount, considering today's market , the rest are not worth the money he owes me but yet won't deed them over to me in consideration of the loan. He is also considering filing bankrupt. Still waiting for a couple hundred grand. Aprox. 2year old agreement. Any suggestions as to my options.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Friend Misused Construction Loan

    Retain counsel and sue him.

    1. Sponsored Links
       

Similar Threads

  1. Foreclosure: Foreclosure on Construction Loan Where Personal Residence is Same Real Property
    By gataheart in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 11-15-2010, 07:40 AM
  2. Borrowing Money: New Construction Loan Issues
    By cavolo in forum Personal Finance And Investment Law
    Replies: 1
    Last Post: 07-15-2010, 11:36 AM
  3. Construction Loan to Mortgage
    By cavolo in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 03-23-2010, 06:09 AM
  4. Foreclosure: Foreclosure on a Construction Loan
    By tlvrn1 in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 02-16-2009, 07:25 AM
  5. Mortgages: Construction Loan Not Rolled Into Long-Term Financing
    By Quetysis in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 11-28-2007, 08:07 AM
 
 
Sponsored Links

Legal Help, Information and Resources