vanhalen 0 Report post Posted September 18, 2007 Hi,I made the mistake, along with a couple other friends, of investing in some Florida property through Marco Santorelli of Norada real estate.It was a 50/50 partnership and at the beginning of the year he has told me he cant afford to honor the contract. I cannot make the payments on the construction loan myself which was to be turned into a normal home loan. I also found out he does not have a real estate license in CA. or Florida. He is also trying to sell the same deals he screwed me on at Donald Trumps real estate expo. What can I do to protect myself without filing backruptcy. The mortgage company wants to file a deficiency judgement against me, I have had excellant credit all my life and want to keep it that way. Thank you Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 18, 2007 Sounds to me as if you need to run this situation by an attorney. These things are always more complicated than they appear. Share this post Link to post Share on other sites
Craig 0 Report post Posted September 19, 2007 Hi,I made the mistake, along with a couple other friends, of investing in some Florida property through Marco Santorelli of Norada real estate.It was a 50/50 partnership and at the beginning of the year he has told me he cant afford to honor the contract. I cannot make the payments on the construction loan myself which was to be turned into a normal home loan. I also found out he does not have a real estate license in CA. or Florida. He is also trying to sell the same deals he screwed me on at Donald Trumps real estate expo. What can I do to protect myself without filing backruptcy. The mortgage company wants to file a deficiency judgement against me, I have had excellant credit all my life and want to keep it that way. Thank you MC is correct get to a lawyer soon. One lesson for everyone here is never be in a partnership in a any business venture without a proper shell to protect you from the actions of your partner. Its easy to start but can be tuff to finish. Share this post Link to post Share on other sites
#1investor_cream 5 Report post Posted September 30, 2007 Hi,I made the mistake, along with a couple other friends, of investing in some Florida property through Marco Santorelli of Norada real estate.It was a 50/50 partnership and at the beginning of the year he has told me he cant afford to honor the contract. I cannot make the payments on the construction loan myself which was to be turned into a normal home loan. I also found out he does not have a real estate license in CA. or Florida. He is also trying to sell the same deals he screwed me on at Donald Trumps real estate expo. What can I do to protect myself without filing backruptcy. The mortgage company wants to file a deficiency judgement against me, I have had excellant credit all my life and want to keep it that way. Thank you MC is correct get to a lawyer soon. One lesson for everyone here is never be in a partnership in a any business venture without a proper shell to protect you from the actions of your partner. Its easy to start but can be tuff to finish. Hey Folks, Would a LLP (limited Liability Partnership) Be good for any Joint Venture Projects? Share this post Link to post Share on other sites