Short Sell Fraud
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Short Sell Fraud
My wife’s uncle entered into an agreement with a mortgage broker in which he was supposed to receive $26,000 after the short sell of his property. He has a signed agreement between himself, his wife and the broker stating this. To date, only $10,000 has been paid. The broker will not answer calls, emails or texts. What are the legal options in a situaiton like this?
Asked on November 17, 2018 under Real Estate Law, California
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 2 years ago | Contributor
Your wife's uncle can sue the broker for the money. He would sue on two different bases:
1) Breach of contract: if there was an agreement, that likely constituted an enforceable contact. If one party violates its obligations under a contract, the other party can sue to enforce its terms.
2) Fraud: if the broker lied about what he would do get your uncle to enter into the agreement, such is fraud, and fraud provides a basis to recover compensation.
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