Legal Question in Real Estate Law in Florida

I went through a hard money loan company last year and loaned $85,000 to an investor with a house as colladeral. The comps were very good in the neighborhood and the tax assessor showed the just value to be 142,000. Investor was to pay me

$1,062 mo. for 2yrs, when the loan would balloon. He paid me for 7mo. then stopped,

saying the tenants weren't paying him. I have a 1-4 Rider stating that the tenants

should pay me now because I am having to foreclose. I have since found out that

the property has an UNREPAIRED SINKHOLE that he did not disclose to me. I have confronted him about the non diclosure, and his answer was, "I don't have to disclose that to the lender, only a buyer, I also stopped by the house and ask the

renters who they pay the rent to, they told me that this man reduced their rent

if they would pay him cash, and that is what they have been doing for the past months. He has not paid me anything since March. I am very upset about the

sinkhole situation. When I get the house back I will not have money to repair the

sinkhole, my husband has been unemployed since Nov. I now know that the value

of the house is much less than my $85,000 investment. Is disclosure to a lender

the law? Can you please send me something to that effect?

Pam

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