I'm in NJ, and my brother and a friend who worked together in a restaurant in the GA area decided to open a small take out place for themselves. My brother asked me for a loan of $10,000 to help purchase the restaurant, and I wired the money to a joint account of the friend and her mother, since my brother did not have a savings account. (He's here on a Visitor's Visa.) The acquisition didn't work out, so they decided to look for another one. In the interim, however, my brother's friend decided to use the money to purchase a house in a girlfriend's name!
What can I do to try and recoup the money? I only found out that the friend had spent the money when I reqeusted it back, and nothing came after two weeks of her daily claims to have wired it.
I've tried to reach both the friend and the mother, but they are not returning my calls.
They never signed the promissory note, but I do have a notorized copy of the documentation showing the wire transfer.
Any guidance at all would be great!
2006-08-07 11:22:08 · 16 answers · asked by supererogatorysesquipedalian 1 in Business & Finance ➔ Personal Finance
You could sue them. If you have proof you might be successful. In any case it will go on their credit report.
Also, contact the FCC, they might have committed interstate fraud.
If nothing else you can claim it as a deduction on your federal income tax return. That helps a lot.
2006-08-07 12:14:27 · answer #1 · answered by lcmcpa 7 · 0⤊ 0⤋
You will probably have to follow up with a civil suit to collect your lost monies. You obviously kept the documentation showing the transfer, and his bank account would also have receipt available. Of course, this might have to be subpoenaed. If you don't have the money to hire an attorney, I would recommend going online to the states judicial branch website. Here, you will find all the necessary papers to file and follow up with the case. You will have to pay an upfront filing fee (will vary from state to state) as well as the cost for service of paperwork to the defendant. Typically, as long as the summons is served 15 days or prior to the court case, you are safe. Then, it's up to the defendant (your brothers friend) to come to court on that date. If he doesn't, a default judgment may be entered on your behalf. Follow up paperwork will be available from the same website. Good luck!!
2006-08-07 11:32:42 · answer #2 · answered by paydaytim 2 · 0⤊ 0⤋
I don't think you have any legal recourse since you gave them the money before they signed the promissory note. At best you have a verbal contract with them which is hard to prove.. Your problem is further compounded by the fact that they are out of state. It is probably going to wind up being an expensive lesson.
2006-08-07 11:34:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can ask to the mortgage company (i don't how maybe with a lawyer) the source of the down payment for the house?
They have to prove where the money (the down payment)come from and if they say that it was a gift from you they should have a paper that's called the gift letter and it should be signed by you "the gift giver" and if you did not signe any gift letter you may have your case.
Good luck
2006-08-07 11:29:37 · answer #4 · answered by Arzuita 3 · 0⤊ 0⤋
You'd have to go directly after the person, sue him. . . .I'd get a lawyer, STAT. There might be no way of pointing out that exact money was what he used to buy the house, based on his other finances, but bottom line he never paid you back. Without anything in writing I don't know what you're case would be, but seek legal help ASAP!
2006-08-07 11:26:57 · answer #5 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
If you own your own home you can refinance and pull cash out to pay off you bills and the bad loan. I work at united lenders group and work through 45 different companies so i could help you get a mortgage loan no matter what debt your in
916-860-0804
keyon
2006-08-07 11:46:34 · answer #6 · answered by Keyon F 1 · 0⤊ 0⤋
About the only thing you can do is get a lawyer. call a local attorney explain the situation and see what he or she suggests. Is your brother still here? he should be able to help you also. it will help with the attorney when and if one can take your case.I hope you have learned never to loan money to a friend if you don't know them well.
Good Luck.
2006-08-07 11:29:22 · answer #7 · answered by sanmaria 1 · 0⤊ 0⤋
You'll need a lawyer for this one -- it's a legal mess and a regular ad mixtio problem. I suspect that there might be a remedy though. Contact the local bar and see if there are lawyers who offer free legal advice.
2006-08-07 11:29:19 · answer #8 · answered by T.J. 3 · 0⤊ 0⤋
You have to talk to a lawyer, but you have a real problem with an unsigned promissory note. You can prove you sent it, but you cannot prove they borrowed it.
I think you just got a very expensive lesson myself.
Good luck with it.
-Dio
2006-08-07 11:28:26 · answer #9 · answered by diogenese19348 6 · 0⤊ 0⤋
you live in jersey, hire a hit man, no go threw court if you have a copy of the wire ,but you will spend more doing that then what you have tied up good luck. find tony saprano,he wiil help
2006-08-07 11:30:55 · answer #10 · answered by macki4 4 · 0⤊ 0⤋