[shine65]

Hi,

I need some advice or guidance for my situation. I bought an investment property to help out a friend who was going thru' some financial problem. Basically he wanted to make quick money but his credit was bad - so he told me that he will not be able to get a loan under his name. So, he wanted me to help him by taking the loan under my name only and that he will be my unofficial partner and will pay 50% of all expenses.

Property is in Port St. Lucie Florida. It's a golf course resort. The loan is $350K and it's under my name only. The deed is under my name only. My partner got a paper from a lawyer stating that he is a 50 % partner for this property even though it's deeded in my name only. The property was purchased in Aug 2004 and both of us agreed to sell the property after a year and split the expenses and profit/loss equally. When the year came to sell the property, my partner did not agree to sell it and at the same time he did not want to buy me out. The loan is a 3 yr interest only balloon loan that needs to be paid by Sept 1st 2007. At this point, I am seeking refinancing because the bank is going to come after me only.

Sorry for all the long story. Just wanted to give a background of my situation before I ask the question:

My partner have not made timely payments most of the time. I have to remind him of his portion of the payments every month. He told me lies and I just found out now and took advantage of me, we are not in talking terms anymore. However, for this month's payment, I have emailed him 3 times to send me his portion of the payments. He have not made any payments for this month and did not ack my email.

What are my legal rights?
Since he did not make payments for this month, can I revoke him out of this partnership even though he has a paper stating that he is my partner in this deal?

I just don't want to deal with liar and a crook anymore

Any advice will be appreciated very much.

TIA
Shine65