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Question about damage control in a wholesale scam
Gmorning all. I have been a victim of a scam. A realtor that also owns the wholesale co (wasnt disclosed), was supposed to train me to flip using wholesalers (I've only used wholesalers twice n long time ago). Long story short, the realtor said she rcvd contractor bids n chose the cheapest. Once rehab started the contractor told me he needs double the money saying the realtor told him how much to charge, that he never ran numbers himself. The hard money lender calculated using the fraudulent numbers. The house has had some demo n looks worse than when i bought it so no takers that will cover the loan. I cant finish the house or rent the house, the numbers dont work. What are your thoughts on letting the lender take it back? I hate to do it but this is about damage control. I bought under an LLC. that lender says hes worked with this realtor/wholesaler a couple yrs with no issues.