What is the name of your state? Minnesota
I with the convincing of a friend purshased a house using only my excellent credit score for a friend who was to fix it up and flip it in 2-3 months. We signed an agreement stating I would recieve $20,000 at closing and basically have no responsibitly or claim on the property. John and his company where responsible for mortgage payments, taxes, etc. and when the house sold he was to recieve all the profits. We paid $50,000 more for the house then what it was worth to get money back at closing to fix the house up. This money is now gone and the work is not complete. I have made one house payment out of my pocket and we are now 3 months behind, ruining my credit. It has been 8 mo. since the purchase and the mortgage company is talking forclosure. What can I do? Do I have a claim against my friend? What will happen if it does get forclosed on?
What is the name of your state?What is the name of your state? MN
I with the convincing of a friend purshased a house using only my excellent credit score for a friend who was to fix it up and flip it in 2-3 months. We signed an agreement stating I would recieve $20,000 at closing and basically have no responsibitly or claim on the property. John and his company where responsible for mortgage payments, taxes, etc. and when the house sold he was to recieve all the profits. We paid $50,000 more for the house then what it was worth to get money back at closing to fix the house up. This money is now gone and the work is not complete. I have made one house payment out of my pocket and we are now 3 months behind, ruining my credit. It has been 8 mo. since the purchase and the mortgage company is talking forclosure. What can I do? Do I have a claim against my friend? What will happen if it does get forclosed on?
What is the name of your state?What is the name of your state? MN