I'll try to keep simple.
Person A (Great credit, does not speak/read English fluently)
Person B ( Supposed to be "financial advisor")
Person A trusts person B - always the problem.
Person A signed paperwork to refinance home. ( or so they thought). Person B is helping out and takes person A to bank to finalize refinancing.
Sometime later... Person A does not hear from bank, finds out they signed paperwork for loan (only person A listed on loan), but where person B has access to money and is able to sign checks and spend the money - good percentage of loan is gone.
As I see it - Person A was scammed. But not quite ID'd theft since they signed the paperwork.
Now what? Does Person A have any legal recourse against Person B? I am open to suggestions... Thx.
2007-04-24 03:52:10 · 6 answers · asked by PAGRO 2 in Business & Finance ➔ Other - Business & Finance
Trust doesn't excuse anyone from doing something "unsmart" Person A should have had a translator and/or taken the paperwork to a lawyer to review (with a translator, or if they could translate on their own) before signing anything. Unfortunately, Person A was taken advantage of, and can try to sue, but probably will not win. Sorry.
2007-04-24 04:04:40 · answer #1 · answered by Hot Coco Puff 7 · 3⤊ 0⤋
Let's assume this is US law (or other countries that use the Uniform Commercial Code.
Under this scenario, Person A can attempt to get out of the loan by one of the escape clauses: incapacity, duress or fraud. Any one of these three may apply to this scenario and would make the contract void under UCC laws. One could argue for incapacity since the person may not have been physically able to understand the contract. Duress may exist if the person did understand the contract but was coersed by Person B. Person A can try to prove that the whole thing was a fraud (in a criminal sense), which would automatically void the contract. This doesn't mean that Person A will for sure win the court hearing - but this is the recourse path.
"Good Faith" does not apply between Person A and Person B since they did not have a signed contract. The contractual Good Faith obligation is from the Bank to Person A.
Recourse lies in pushing for Civil restitution between A and B. Person B has to show that they have legal access to Person A's money. Criminal would also be a nice thing to push for from the DA, but there's no money in it.
2007-04-24 05:16:26 · answer #2 · answered by csanda 6 · 0⤊ 0⤋
Tell person A it might be worth their trouble to learn to read and speak English.
2007-04-24 03:57:27 · answer #3 · answered by DOC 3 · 1⤊ 0⤋
Take the paperwork to the police and have the "fraud squad" take alook..it may be an illegal scam.
And tell your freind that when it comes to money..never trust anyone.
2007-04-24 04:02:07 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Absolutely. Contracts have to be signed in "good faith". Person A should sue Person B blind.
2007-04-24 03:55:12 · answer #5 · answered by leaptad 6 · 1⤊ 1⤋
call the bank manager asap and get an attorney
2007-04-24 03:54:45 · answer #6 · answered by PJ 5 · 1⤊ 0⤋