Goldiluxe bought property from Abbott for $140,000 without seeing it, relying on a property inspector’s report and a real estate agent’s video. The property included land, with a house, a cabin and three mobile homes.
Goldiluxe paid $50,000 down and gave Abbott a note for $90,000. A few months later, the police raided the property and made arrests for meth-related crimes. Goldiluxe’s owner visited the property and found two mobile homes on the property to be junk. She had the two junk mobile homes removed from the property and moved one new mobile home onto it. Goldiluxe continued collecting rent for another year after the police raid, eventually falling behind on mortgage payments to Abbott.
To stop the foreclosure, Goldiluxe got an injunction, and also asked the court Read the rest of this entry
Ozarks Law & Economy 