non compliance to contract
I would like to know if I could sue the property seller, appraiser, tenant, and mortgage processor. This was all a conspiracy to put my name in buying the house and the tenant will hold responsible for the mortgage. With the help of the mortgage processor, the house was appraised for $430,000 but originally on market for only $360,000. The purpose of putting more money is to get the diff to start a business and fix property. The tenant who is in construction business will fix up the three family house. The diff was not given in full, the tenant has not done anything to the house, at the same time not paying the mortgage. Now i'm left of being responsible for the mortgage. The property has lot of fixtures to do. The roof did not pass the first inspection report. Windows are broken, leaking faucets and much more. Now I spent thousand x dollars to fix the second floor to have it rented to help the mortgage but then the so-called tenant hasn't pay anything as of yet. Now can I sue the seller and mortgage company as well as the processor for faking documents just to put my name in the mortgage. The seller pocketed quite a sum of money that is not worth of the house at all. Please advise, my credit is going to get ruined.
Answered on: 10/28/04, 11:16 am by Alan Albin
Re: non compliance to contract
Your facts are not stated clearly. However, if you were defrauded in a real estate transaction and have the facts to prove it, you can certainly attempt to file a civil lawsuit against all parties who may have participated in and/or had knowledge of the fraudulent conduct.
It seems like what your question says, is that the property's fair market value was $360,000; but that it was fraudulently appraised at $430,000.00. However, it also seems like your question implies that you knew about this going into the deal. If you went into the deal knowing that the house was being fraudulently overappraised, and that you expected to get cash out, but did not, you may have some difficulty prevailing in your civil case and may expose yourself to civil or criminal liability.
Please consult an attorney prior to taking any legal action. If you wish to discuss retaining my services, please contact me, see below, or at: 973-605-8995.
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Alan S. Albin, Attorney at Law 55 Madison Ave., Suite 400 Morristown, NJ 07960► Other answers from this attorney