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    olivia11's Avatar
    olivia11 Posts: 2, Reputation: 1
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    #1

    Jul 27, 2008, 12:28 AM
    Set Aside Agreement
    My friend,unsophisticated in realty law, who holds a first mortgage on property that is in default,signed an agreement he didn't understand prepared by an attorney on behalf of a very sophisticated businessman.
    I'm trying to help him set aside that agreement as he is limited in funds.
    I am in the realty business and I have never seen a more complicated,convoluted agreement that essentially gives away what my friend was to get under a recorded first mortgage.
    Obviously,he didn't have nor was it recommended he get legal advice before signing this agreement that is so detrimental to him.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jul 27, 2008, 05:54 AM
    I see no requirement that anyone "tell" him to get an attorney that is expected to be fairly common knowledge

    If the contract is illegal ( has terms and conditions not within real estate law) it may be overturned for that reason.

    But if in default, what is the issue with a foreclosure
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