Want to know what to do about a property I own that I purchased as a favor for a friend to make a profit but she is not making the payments
Question Details: I financed a duplex for a friend so we could both make a profit off it. I just found out that the mortgage has not been paid in 4 months and it is about to go in forclosure. She collects rent from the 2 duplexes which is plenty of money to make the mortgage payments however, she has been using that money to pay her own bills. I have no idea if I gave her power of attorney but I do know that she told the bank I live at the property, she has forged my name and spoke to the bank and others several times on the phone pretending to be me. I want to go and collect the rent to save my credit!
Real Estate Law Answers
This is often what happens when you do favors for a friend. It is sad.
You can try collecting the rent. However, she will likely thwart your efforts. You both have equal rights with regard to the property and it is a first come, first serve situation at the present time. You need legal assistance and you may need to file a lawsuit in order to gain the upper hand. Without an attorney to assist you, it is most likely that this property will go to foreclosure. If there is equity in the property, you must act immediately to save this from foreclosure.
Call my office if you need further legal assistance in this case.
Robert Spitz
909 395 0909
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