Loan For Remodel

[out of time]

What is the name of your state (only U.S. law)? Texas

We loaned a friend $5000 for costs to purchase a home to remodel and sell. He agreed to pay us $10000 after the house sold. He did not complete the remodeling work as agreed upon, ended up refinancing the house to purchased it for himself, and ended up losing it in foreclosure. When he refinanced the house he also "cashed out" money to cover "other expenses". We do have a written contract. He has made many empty promises of paying us back but we have not received a cent. I am just wondering if we have a legal leg to stand on?What is the name of your state (only U.S. law)?

[divona2000]

Hmmm, a $5000 loan, with a $10,000 payback = 100 % interest...Usury?

[HomeGuru]

Originally Posted by out of time

What is the name of your state (only U.S. law)? Texas

We loaned a friend $5000 for costs to purchase a home to remodel and sell. He agreed to pay us $10000 after the house sold. He did not complete the remodeling work as agreed upon, ended up refinancing the house to purchased it for himself, and ended up losing it in foreclosure. When he refinanced the house he also "cashed out" money to cover "other expenses". We do have a written contract. He has made many empty promises of paying us back but we have not received a cent. I am just wondering if we have a legal leg to stand on?What is the name of your state (only U.S. law)?

**A: and what written agreement do you have as evidence to submit to the estate?