DESPERATELY NEED HELP

Comments(7)

• 
  JeffAdams14th March, 2004

  KittyCat:
  This is not uncommon. Call up the investor and ask him who the escrow company is. Then call the escrow company and find out what is going on.
  Call back the investor and tell him you had an agreement and he has not honored your verbal agreement and your credit is going to be ruined. Inform him that you are going to file an "Affadavit of Purchase Agreement" on the property to cloud the title if he does not make the mortgage payment. You might want to have an attorney friend of your draw up the letter.
  
  If you quitclaimed him the property and he did not purchase a title policy, at closing you will have to sign a "Affadavit of uninsured deed" in California. If you dont sign, he does not close! You could use this as leverage also. Tell him your credit is valuable to you and if he now is not going to make payments, you are going to cloud the title and force him to pay you more money in order to close this deal. This should scare him into making your payments.
  
  I have seen other unscrupulous investors do this quite often. They go in and take over a property subject to and then dont make any payments letting it go into foreclosure, however they sell just before the sale. I hope you have learned your lesson. With the advice I gave you, I hope it all works out. Post a
  reply and let us know what happens.
  
  
  Best Riches,
  Jeffrey Adam
  
  _________________
  "The only place success comes before work
  is in the dictionary."
  
  [ Edited by JeffreyAdam on Date 03/15/2004 ][ Edited by JeffreyAdam on Date 03/15/2004 ]

• 
  Kitty7Cat15th March, 2004

  Thanks for your reply Jeffrey. I failed to mention that the property is located in St. Petersburg, Florida. Would I still following the same procedures?

• 
  JeffAdams15th March, 2004

  I dont know what the Florida laws are or if they will let you record an "Affadavit of
  Purchase Agreement" Maybe some of
  the others on this board who live in Florida can offer some guidance.
  
  Best Riches,
  Jeffrey Adam
  [addsig]

• 
  bgrossnickle15th March, 2004

  Seminole County FL will let you record an affadavit of agreement, or memorandium of agreement - something along those lines.

• 
  steadydoses15th March, 2004

  Hey everyone I hate the fact that this person was nice enough to loan there credit to a person and they misuse it for god only knows what purpose because I've been trying to get a Partner for 5 months to go in with me on a GREAT deal but guess what nothing. I guess the good ones never get is easy right guys....and girls

• 
  JohnMerchant15th March, 2004

  Recording a Memo might be appropriate, if you've got some written proof of your agreement..and maybe you do.
  
  Under UETA (Uniform Electronic Transactions Act) which has now been enacted in FL, according to a quick Google search I just did, both email and fax communications are admissible as being "in writing", so maybe you have enough in writing, in emails and faxes to substantiate your having a good claim to an interest in the RE.
  
  UETA has protected me on a number of deals & continues to work for me.
  
  Much of my business is conducted by email & fax, and for whatever reason, oftentimes the other guy doesn't realize what he's said in either email or fax is permanently recorded, and is, in effect, his agreement in writing.
  
  So go back and look at your own emails and faxes to see if you don't have some pretty good evidence of your agreement, in writing there.

• 
  Kitty7Cat15th March, 2004

  Thank you John. I have printouts of almost every email he has sent me...including the one where he stated how we will do business, and what his intentions are as far as refinancing me out, paying me, etc. So maybe there is hope. I'll be contacting some attorneys in Pinellas County, FL.