A man, who had a struggling catering business, was in desper…
A man, who had a struggling catering business, was in desperate need of money to purchase groceries and supplies for an upcoming event. The man found an investor willing to lend him $30,000 if he put up adequate collateral to assure the investor that she would not lose her money. To guarantee the loan, the man gave the investor a deed to his house, which was worth $75,000 and had been left to the man by his aunt. The investor recorded the deed and gave the man $30,000. The man signed a promissory note agreeing to repay the $30,000 within six months. The man continued to occupy the house, and the investor agreed to reconvey the house to the man as soon as he repaid the $30,000. The man was unable to pay the investor when the note came due and the investor refused to give the man an extension. If the investor seeks to take possession of the house, may she do so?
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