I lend Jason Rodriguez money to buy bank owned home in Orlando FL.
He supposed to return me my money with an interest after 6 months.
The house should be fixed by him. The return of the money was not depended on the success of the sale of the house. But Jason did not succeed to sale the house, therefore decided that it is a good reason not to return me my money. I had to foreclose on him. Then I learned that he took 2nd mortgage on this house, (the other lender lost his money, in the foreclosure process).
I asked him to give up on the house and do not let me go through the costly foreclosure process, but he refused. Toward the end of the foreclosure he decided to give me the deed on the house, but asked for $10,000 more, which I refused.
After 9 nerve breaking months I won the house, and flew to Florida to take care of it.
The house was not completely renovated as he claimed, and was missing kitchen appliances. No wonder he couldn't sell it at the market price.
According to the judgement he still owes me money, but he closed the company (J&T Investors Group), that was the owner of this house, and moved his other assets (number of them) on to his name.
If anybody knows if it is worth to go after $7000 as a deficiency judgment in Florida please let me know. Meantime this is a warning to anxious real estate investors in New-Jersey (he moved there from Florida), not to lend him money, unless you go after his private assets in the contract, and do not pay him $25,000 for mentoring you. He can teach you only how to take money and not return it, no more than that. That what they call OPM-others people money.
0 comments