In 2004, My home was in Chapter 13 bankruptcy. I made an agreement..signed contract in Sept 2004 with reputable businessman..that I would quitclaim the property over to businessman and he would get property out of bankruptcy provided I would allow him to use the equity ($70,000) for his business purposes and he would rightfully returned home back to me in tact within 36 months. Needless to say, It has been 6 years now and I have been made false promises. Businessman claims hard financial times he been having that cause the delay..The end of the road came 3 weeks ago where I was thrown out on the streets...foreclosed!!...Do I have any recourse? If so, What plan of action should I take?
Your fact pattern is being repeated over and over across the country. You will probably never get one dollar out of the businessman. However, there may be an issue with the lender participating in defrauding you. Find a local lawyer familiar with the federal courts and not friendly with banks.
I forgot this comment:
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