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Realtor selling property without license, backs out of deal !

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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

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Sounds to me as if you need to run this situation by an attorney. These things are always more complicated than they appear.

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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.

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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?

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