The Facts The Tejpals had purchased a starter home on a nice street in Port Colborne...

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The Facts The Tejpals had purchased a starter home on a nice street in Port Colborne for $499,500. The young couple decided that they would get funding from a bank through a mortgage but required help to come up with the down payment. They decided to ask their friends, the Segatos, who had recently come into money when they sold their business. The Segatos gave $50,000 to the Tejpals based on a verbal agreement that it would be paid back over five years. More than two years went by. The Tejpals made their mortgage payments but they had not paid one cent back on the money that they had borrowed from their friends. The Segatos have asked for their $50,000 back, but the Tejpals have ignored this request. The Segatos really weren't sure what to do. Sadly, the current situation has put a serious strain on their friendship with the Tejpals. Question What is your advice? What should the Segatos do? Explain. (3) The Facts The Tejpals had purchased a starter home on a nice street in Port Colborne for $499,500. The young couple decided that they would get funding from a bank through a mortgage but required help to come up with the down payment. They decided to ask their friends, the Segatos, who had recently come into money when they sold their business. The Segatos gave $50,000 to the Tejpals based on a verbal agreement that it would be paid back over five years. More than two years went by. The Tejpals made their mortgage payments but they had not paid one cent back on the money that they had borrowed from their friends. The Segatos have asked for their $50,000 back, but the Tejpals have ignored this request. The Segatos really weren't sure what to do. Sadly, the current situation has put a serious strain on their friendship with the Tejpals. Question What is your advice? What should the Segatos do? Explain. (3)