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| *Loan,banking and credit>>>secured loan |
Real Estate Fraud. I loaned a friend $20,000.00 which he secured with a deed of trust to his house. when I? |
tried to record the deed I discovered it was a xerox copy which could not be recorded. This "friend" knew what he was doing and refuses to give me the original, and he is 2 months late in repaying me the full amount. He has made a payment of $8000.00 but refuses to pay any more. Is this a criminal act of fraud and can he go to jail for this? His intentions were to give me a xeroxed copy so I could not record the deed. To be honest, it's not fraud. What he is doing is not right, but it is not fraud, nor is it a criminal act. Common sense would tell you that only original documents can be recorded. It was your responsibilty to exchange the money for the original deed of trust, not a xerox copy. His understanding may have been that the original document was to be held in escrow and not recorded pending repayment. You can still sue him for the money and compel him to produce and hand over the original document so that it can be recorded. The fact that you only have a photocopy does not absolve him from his obligation to you under the agreement. I would think this is a criminal act of fraud and would check with a lawyer, then send him a registered letter stating your intention and as he is 2 months late you could probably put a lien on the property as long as you have an IOU or some form stating the amount of the loan and interest to be paid signed by both parties. If he doesn't respond get a good lawyer. Oh my goodness. I do hope that you have a written contract regarding the loan. It sounds to me like you're going to have to sue, and the fact that this person made one payment is proof that they regarded the money as a loan. Don't do that ever again. Never loan money to friends or family, NEVER. Good luck. you don't say where in the world you are from. i have a feeling if this hits court you maybe told buyer beware.. but i would see a lawyer and report this person to the police and insist on laying charges... oh and one more thing FRIENDS WOULD NOT DO THIS TO FRIENDS. If you have drafted a loan agreement, I guess you can take him to the court. However, that will cost money (for both of you) and will soon eat up $12,000. I suggest call him or visit him everyday and also put him on a payment plan that he can handle. If he was supposed to pay you interest, I would even tell him to forget the interest if he can pay the principal off. Since he paid you $8,000, I think he will pay more. |
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