I had loaned a family friend some money 6 years ago ($29,000 )to buy equipment for her husband as he started a business. I loaned the money directly to her while they were married and not to her husband's business or to her husband. Now they are going through a bitter divorce . I realized I may not get my money back. I reminded her about the loan and she said her husband has no intentions of paying back the loan , even though it was for his business. When she asked him he said that he will not be held liable since he did not get the loan directly from me. So she has asked me to put a lien on the house that she owns. She has four kids and I do not want her to pay from her share of the home's sale. What kind of lien should I file so that the loan gets paid before the money is split and they are paid their share from the sale. We both live in cook county.
2006-06-26 12:04:16 · 4 answers · asked by Friend 1 in Business & Finance ➔ Renting & Real Estate
Looks like you will have to take them to court - unfortuntally - You could file it yourself - Check your local court house or public defenders office for help. I know there is a dollar limit for small claims, but in order to file a lien, you need the paper work signed (hopefully you have that) the copy of the check/money order/cashier check made out the them) as proof. But a judge is the only one that can put a lien on them after judgement is in your favor. All is not a lost cause - Go online and put in legal aid, of legal laws etc liens etc - - Good luck -
2006-06-26 12:16:41 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
You won't be able to put a lien on their property. If you were a licensed tradesman (contractor, plumber, electrician, carpenter or mason) and had they had hired you to perform work on their property, you could file a mechanic's lien. As that's not the case, you have no claim against their property.
You should have taken back a 2nd mortgage on their home as security for the loan, but it's too late to do that now. Lesson learned!
Did you get the loan agreement in writing? If not, it may already be too late to do anything about it if you have not been collecting regular payments on the loan -- or at least something within the past 5 years. IL law limits oral agreements to 5 years from the last activity. If you have a written agreement, you have 10 years to collect on it.
To collect on it, since she is refusing (or unable) to pay, you'll have to sue. Her husband probably has no legal obligation to repay the loan since you gave it only to her; it matters not what she did with the money. Assuming that you get a judgment and force the sale of the home to satisfy the judgment, the money will come from her proceeds from the sale.
Consult with a licensed attorney in your area for guidance specific to your situation.
2006-06-26 13:23:21 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2016-08-23 00:36:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I do not know the best way to answer this without offending
2016-08-08 01:53:04 · answer #4 · answered by ? 3 · 0⤊ 0⤋