I am hoping that someone here will be able to help me or give me some advice on what to do. I will try and explain the whole story here so you can better advise me.
We brought some land from a friend back in 2010. This friend was a family friend who we have known for some years, we went to each others weddings, baptism of our child etc. So we thought we could trust them as you do when you have known someone for a certain amount of time. When we first started asking about the deed of sale once we had paid the money, which was paid via checks so we have proof that they were paid, they told us that they did not have enough money to pay the capital gains on the property and that if we could wait for it, which as we known them for sometime and were close friends we said OK we can wait. Then a few years later we had personal problems and needed to sell the property ourselves which by this time we had built a house on. We again asked for the deed of sale, but this time were given a variety of reason to why they could not do so, from the mother being in hospital, they being in hospital and having to go to Russia for 6 months. None of this transpired to be true, it was just a way of delaying meeting us at the attorney office to sign the deed.
Yes i know we were naive in trusting this person, but we honestly thought they were genuine and true friends of ours. When we asked again why they would not meet us there excuse was they had still not paid the capital gains on the property, so we offered to pay 50% of it with them just so we could get the sale of the deed from them. Again they refused, we were in the process of taking them to court, very early stages at the moment as we know things move very slowly here in the court system, but we were hopeful of a positive outcome as we can prove that they did receive payment for the land via the checks we gave them which were cashed.
Yesterday though we had some shocking news. This person had gone to their bank and used our property as collateral to secure a loan, which they have never paid off. So we have learnt that the bank has put a repossession order on the land and house that we built, for the unpaid loan that they took out against it. It seems there is nothing we can do about this, according to our attorney but i don't believe it and would like to get someone else's advice on here too see if there is anything we can do about it. I am coming to the conclusion that our attorney could be working with this seller, as they have been very reluctant to do anything for us about getting the deeds of sale from this person. I need a fresh set of eyes to look at this situation and too see if really we have nothing to gain and everything to lose now.
If you need further information please PM and I will supply you with it. Finally i would like to thank you for taking your time out to read this post, and hope that you can give me some guidance or advice. Thank you.