Legal Question in Real Estate Law in Oregon
Lender false promise to investor
A lender provided a letter that convinced me to invest.
''X Lending will provide you the option of buying out your shares of Loan # for $(dollar amount) each after four months from the funding if you are not satisfied with the progress of the loan. X Lending or current Investors of X Lending will be responsible to provide the funds necessary to buyout your $(dollar amount) investments. If you have any questions or concerns, please feel free to contact me at ### and
thank you for the opportunity to earn your business.
Now they do not want to buyout my investment. I contacted them over a month before being notified in writing that the loan was in trouble. Are there specific laws that pertain to this type of deceptive practice?
2 Answers from Attorneys
Re: Lender false promise to investor
I think it will depend on the larger picture of what the lenders were engaged in. With promissory notes there it is a common occurrence that the borrower will fail to repay and the borrower's recourse is to sue for a judgment.
There maybe some other securities or lending violations in this lending scheme, but I would need to know more to see if that's the case.
Appears to have been a DIY contract that may be hard to completely make sense of.
Re: Lender false promise to investor
You may have rights for the lender's breach of its contract with you. There may also be some securities or lending laws that have also been violated.
You should contact an attorney to determine your rights in this matter.
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