a good friend/practically family asked for help to purchase a house. She has a good job and makes good money. To make a long story short, she begged me to help her to purchase a house under my name (alone) and she will be responsible for all payments pertaining to the house. A written agreement was made and signed but not notarized. I find out after 6 months into the agreement that she had neglected the payments and now the house is foreclosed. I have this huge bill from the mortgage bank and a ruined credit. I have to file for bankruptcy as well. Because of this problem, it had brought me emotional turmoil and financia set back! What can i do? HELP ME!
2007-09-04 10:54:31 · 14 answers · asked by Agape 3 in Politics & Government ➔ Law & Ethics
I know! i know! i've bangged my head so many times already agaisnt the wall for stupidity! I felt that i owe her something since she helped out our family long ago financially. I felt it was only right to return the favor. I really do want to take her court but everytime i try i feel guilty...and i feel like i'm the traitor. My credit is already ruined regardless so if we can only come to agreement without going to court. Thanks for all for the concern and at the same time criticizm. I am giving her a choice. Either she meets my demands or i will take her to court.... i really hope though that the "written agreement" will be sufficient enough.
2007-09-04 12:08:52 · update #1
You'd better find a lawyer, and good luck. you made the mistake of mixing friendship with finance. and it's going to take one to undo the damage.
2007-09-04 11:01:10 · answer #1 · answered by Barry auh2o 7 · 5⤊ 0⤋
A written agreement is valueless without it being notarized.
What you do when you co-sign is agree to giving this person the thing as a gift.
Many people come on here complaining that they co-signed and he didn't make the payments and wrecked the car and now I am stuck paying for it.
That is how co-signing works, your responsible for making the payments. If he had good credit he wouldn't need a co-signer. So your doing something the finance company wouldn't do?
In some states you may be able to get some help by the fact you had a written agreement.
But under your name alone you basically bought her a house.
A very expensive lesson.
2007-09-05 15:12:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2007-09-12 10:09:40 · answer #3 · answered by count 1 · 0⤊ 0⤋
"My credit is already ruined regardless so if we can only come to agreement without going to court" That is what you said. It is odvious that you already know what it is you need to do. She had absolulty no regaurd for you and your situation at all. Also why is it that she had to lean of her best friend and not her family for such a large step? Next time ask yourself why are they comming to me? If they try to use guilt to make you do something a flag should go off. You can take her to court but if she doesn't have the money to pay it really will not matter. I would sever all contact with all of them. None of them took your side in all of this and your life for the next 7 or 8 years is over. Sorry man
2007-09-11 13:55:32 · answer #4 · answered by zoerayne023 3 · 0⤊ 0⤋
You can sue her for breach of contract regarding making the house payments. It was smart to have it in writing because this is a real estate matter but you will definitely need a lawyer to get your credit and financial situation squared away.That's pretty much your only remedy. Take this as a leaerning experience too. Never do deals involving large sums of money with friends.
Unfortunately though, if your friend has no money, you can't get a judgement against her. All you can do, is seize the assets she has and garnish her wages to recover any financial losses.
2007-09-04 18:01:43 · answer #5 · answered by Eisbär 7 · 0⤊ 0⤋
You purchased a house for someone else, had all the paperwork in your name and you never followed up to see if they were amking payments on the home. hmmm.....
We of ocurse you have some financial loss and the fact that you have a signed agreement between the 2 of you will definatly help your case whether or not it is notarized. Seek some formal legal advice, evalute your loss and determine if it would be to your financial benefit to hire an attorney.
2007-09-04 18:04:38 · answer #6 · answered by labken1817 6 · 1⤊ 0⤋
You can sue her (And I would...friend or not) for breach of contract and she'll likely be responsible for the house....as long as the judge believes that she agreed to that contract....I hope you have witnesses in your favor of her signing it. However, your credit is screwed...you put yourself out there voluntarily, there's nothing you can do now. Hopefully you didn't classify the house as "your residence" to the mortgage company...otherwise you're looking at a criminal charge too, even though you were doing a friend a favor. One question though....if it was in your name, why weren't YOU getting the mortgage bill every month? Live and learn. No good deed goes unpunished.
2007-09-04 18:08:34 · answer #7 · answered by Kris N 2 · 1⤊ 0⤋
Do you not watch ANY of the court tv shows? They would all have railed on you for doing such a stupid thing. You signed a mortgage for a loan in your name for a house in your name. If you didn't pay the mortgage, you defaulted. See if there is any way to sell it quickly to get something out of it, see what her financial problem is to see if there is any cash to be reaped out of her to bring it current. You were taken advantage of in the worst way and/or had very poor judgment. Life lesson learned.
2007-09-04 18:37:51 · answer #8 · answered by Flatpaw 7 · 0⤊ 0⤋
A good friend of the family did this to you? You need to re-evaluate just who your friends are. When it comes to big ticket items, you need to say no. My advice to you is to consult with an attorney. Some of them give first hand advice for free. Good luck in finding one.
2007-09-04 18:12:19 · answer #9 · answered by Call Me Babs 5 · 1⤊ 0⤋
Just because the promisory note isn't notarized doesn't mean she's not liable. There is nothing wrong, in my point of view, with sueing a "friend" who has taken advantage of you. Take her to Judge Judy!!!!! ;-)
2007-09-04 18:06:41 · answer #10 · answered by lynlei_alyson 2 · 1⤊ 0⤋