Please I need help QUICK!

[apple1212]

What is the name of your state? PA

Ok. heres the story. Over the summer I met a real estate broker who does a lot of developing down at the Jersey shore. We got to talking and I told him I also was willing to invest money. Well anyway it turns out that takes loans from people. "Hard Money Loans" usually to pay the down payment on the house which he gives 25-30% interest on the principle. Well anyway I'm doing a deel with him and he sent me the promissory/mortgage note, with his signature already on it. The problem is my name is spelled incorrectly, I just struck through my name, rewrote it in pen, initialed it, he has no initialed it, signed it and dropped if off at the office. along with the check. Also there were two paragraphs edited out with XXX's over them which where not initialed by either of us. My question is will this contract still be valid even though my name is penned in with just my initials and his name isnt in actual pen ink and just mine is. Also can he go to court and say that the XXX'd over paragraphs are still valid.

Should I put a hold on my checks and demand the contract be rewritten? with my correct name and the XXX'd over paragraphs removed. Will I be sued for damages if I put a hold on my checks and he loses the currect deal he is working on?


THANK YOU!!! PLEASE HELP!!!

 

[nextwife]

Put a hold on your checks and do NOT sign anything until an attorney reviews it AND you thoroughly check this guy out.

Remember, if it sounds too good to be true it probably IS!

 

[apple1212]

So, can i be sued if he ends up losing money and i have not performed my end of the contract by putting a hold on the checks?

 

[nextwife]

Lets just say I've "been around" real estate for MANY years and I have seen LOTS of people lured into providing RE Investors funds by promises of outrageous return rates. Many of them lost their investments.

WHAT do you really know about this guy? Have you checked out his business practices? Checked him out? His credit? YOu get the idea. Are you getting a mortgage in exchange for the money, disbursed through an escrow or title company? Do you have title insurance which will insure what position your mortage will be in, who owns the place and what else is against the property?

GET AN ATTORNEY.

 

[MortgageGuru]

This is an excerpt from a column written by Herman Thordsen.

"A two-year joint investigation conducted by the Kansas City FBI Office, IRS, and HUD-OIG culminated on Aug. 13, 2004 with the arrest of a local real estate investor. The real estate investor and three business associates were charged in U.S. District Court for their alleged roles in purchasing run-down properties, securing fraudulent appraisals and obtaining mortgages in the names of straw purchasers. The straw purchasers were allegedly paid $2,000 for their role in the scheme whereby they placed properties in foreclosure, leaving the real estate investor and his associates with the mortgage proceeds. This scenario was repeated approximately 300 times, resulting in losses to lending and financial institutions in excess of $15 million."

Are you sure that the investor is not affiliated with the current property owner?

 

[apple1212]

no... but CAN I BE SUED? if I do put a hold on the checks?

 

[JETX]

no... but CAN I BE SUED? if I do put a hold on the checks?

Yes, you can be sued. After all, anyone can sue almost anyone else over almost anything. The real questions are:
1) Will he sue you?? No one can answer that.
and
2) If he does sue you, COULD he win?? Yes, he could. However, based solely on the information in your post, unlikely.

So, with that, lets look at your questions:

The problem is my name is spelled incorrectly, I just struck through my name, rewrote it in pen, initialed it, he has no initialed it, signed it and dropped if off at the office. along with the check. Also there were two paragraphs edited out with XXX's over them which where not initialed by either of us. My question is will this contract still be valid even though my name is penned in with just my initials and his name isnt in actual pen ink and just mine is.

Based on your post, yes.

Also can he go to court and say that the XXX'd over paragraphs are still valid.

Of course he can say that.... however, the copy that YOU have has those paragraphs redacted, so any attempt he might make of saying that they were there on your signature could be easily avoided. You did keep a copy of the contract on YOUR signature, didn't you???

Should I put a hold on my checks and demand the contract be rewritten?

That COULD be a good idea, however, we would need to read the EXACT contract to see what, if any, repercussions you could face by your action.

with my correct name and the XXX'd over paragraphs removed.

Neither of those is required. Your 'corrected name' stands. The redacted paragraphs don't.

Will I be sued for damages if I put a hold on my checks and he loses the currect deal he is working on?

Possibly. However, it depends on a FULL read of the contract and review of the COMPLETE facts.

 

[apple1212]

thanks for your post everyone

 

[JETX]

thanks for your post everyone

Of course, you're welcome.