Q: I lent $40000 to a freind. It was to be paid back in full in six months.
The loan was to repair the siding on his house so he could get a $300,000 loan from the bank to finish his shop. He is a General Contractor. He failed to mention that his house was red tagged back in 2017 for performing work without permits so the county had a lien on it. He also doesnt have enough equity to get a $300,000 loan against his house.
Now its a year later and he hasnt paid me yet or repaired the siding. Can I sue for fraud?
Yes, you could probably sue for fraud, breach of contraCT, etc
Is there a written loan agreement between the two of you??
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