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In march of 2016 a friend of mine loaned me $90,000 cash to…

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In march of 2016...

In march of 2016 a friend of mine loaned me $90,000 cash to purchase the home that I have been living in ever since then. Our verbal agreement at that time was as soon as I got my credit score up, I would get A VA loan and pay him off. For the last year and ½ I have been paying him 6 ½ interest, with interest only and no principal reduction. I have known this person for over 35 years, and trusted him implicitly.
So I have spent over $45,000 in improvements to my house, or what I thought was my house.
Things were going good until April 2017, when his fiancée got involved and wants the money paid back right now.
There was no problems up until this time, and everything prior to this was a verbal contract between my friend and myself.
I have been trying since October of which I have documentation, to have him, sign a mortgage with me for my protection. Melissa his fiancée has blocked it, and is pressuring him to move forward legally.
What legal steps can I take at this point to protect my interests?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Not estate question Real Estate Missisippi

Lawyer's Assistant: Has anything been filed or reported?

No

Submitted: 6 months ago.Category: Legal
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Answered in 1 minute by:
1/1/2018
Lawyer: Richard, Attorney replied 6 months ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,028
Experience: Attorney with 29 years of experience.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Lawyer: Richard, Attorney replied 6 months ago

Good afternoon. Could you provide me a bit more information? Is title to the house in your name? Thanks.

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Customer reply replied 6 months ago

No --it is in friends name

Lawyer: Richard, Attorney replied 6 months ago

Thank you. Typically, any agreement involving real estate must be in writing to be enforceable. But, the lack of a written contract can be overcome by the concepts of promissory estoppel, detrimental reliance, and unjust enrichment. This situation arises when Person A relied upon the verbal agreement, Person A performed based on such reliance, and because Person B defaulted, such reliance is now to Person A's detriment. Where there is i) partial performance by Person A based upon the mutual promises, ii) Person A relied upon such promises to perform, iii) Person B's failure to perform would be to Person A's detriment, and iv) result in Person B being unjustly enriched, Person A can overcome the legal requirement that the agreement be in writing. Your fact situation would satisfy all the foregoing elements so your verbal agreement should be held to be enforceable.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 6 months ago
Does this hold true for Missississippi Law?? What would be my next step for protecting my interest?? Should I wait for him to take action against me?? Do I need to put him on any kind of notice to further my case?
Lawyer: Richard, Attorney replied 6 months ago

Yes, this would be applicable to Mississippi law. You don't necessarily need to file your own suit first, but if I were you I would try to be proactive. I would put him on formal written notice of the information I provided you....perhaps in the form of a letter from an attorney to show your seriousness...and demand that he transfer title to you in exchange for a promissory note secured by a lien on the property in the event of a default inyou meeting the terms of the note. The letter should let him know if he doesn't agree and tries to take any action in contravention of your verbal agreement, you will not only be vigorously contesting any such action, but also bringing your own suit against his fiance for tortious interference regarding your contractual arrangement.

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Customer reply replied 6 months ago
He also , as a result of his fiancée proding Said that he wants to add $10,000 to the note for the use of his money. I never agreed verbally to that, do I have any recourse there. The orginal amount amount of the loan was 90,000.00
How all this started , he knew my situation and volunteered to loan me the 90, if I could find a house under 100K
I found this house, put in an offer of 97,500 and signed r.e. agreement along with a $5000.00 deposit. I have that agreement and the canceled check.
Lawyer: Richard, Attorney replied 6 months ago

He does NOT get to unilaterally add to the amount owed. The 6.5% interest you're paying him is for the use of his money.

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Customer reply replied 6 months ago
last question
Does this help show intent
he knew my situation and volunteered to loan me the 90, if I could find a house under 100K
I found this house, put in an offer of 97,500 and signed r.e. agreement along with a $5000.00 deposit. I have that agreement and the canceled check.
Lawyer: Richard, Attorney replied 6 months ago

Everything you have buttresses your case to evidence that you did in fact have an agreement. :)

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Customer reply replied 6 months ago
Thanx you made me feel better---he has threatened to though me out on the street--of which I knew was bullshit but needed to find some answers. You have been great!!!!!!!!!!! Happy New Year and God Bless!!
Lawyer: Richard, Attorney replied 6 months ago

You're very welcome! Happy New Year to you as well and I will certainly keep you in my prayers! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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Customer reply replied 6 months ago
What would you charge to write the letter you mentioned above??
Lawyer: Richard, Attorney replied 6 months ago

Given that I'm not licensed to practice in Mississippi, I unfortunately would not be able to prepare the letter on your behalf. I'm sorry!!

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Customer reply replied 6 months ago
Thanx again!!!!!!!!!!! been a pleasure.
Lawyer: Richard, Attorney replied 6 months ago

My pleasure to help! :)

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Lawyer: Richard, Attorney replied 6 months ago

If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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