I leant him money to pay his mortage because his house was going up for sheriff sale. I took a cash advance on my credit card but he has not giving my anything to me for the payments. He agreed to give me the first 2 months in advance and then pay the monthly payment on the card until he got a new job then he would take care of the rest as soon as he could. He hasn't given me anything so far. The amount was for $5500.00. I have tried to contact him but he wont receive phone calls and I have gone to his home but he won't answer the door. Is is possible to place a lein on this home? He has mentioned moving out of the area and hasn't paid his mortage before and I bailed him out. He has said that when he sold his house that he would pay the whole amount but I have a 4 yr old and a newborn and can't afford to pay this bill for him. I did send his bank a check from me so I do have proof that I paid this.
2007-01-02 15:16:22 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
Two words for you partner "Judge Judy"
2007-01-02 15:19:28 · answer #1 · answered by Mr. Sir 5 · 0⤊ 0⤋
You have a lot to consider here. Of course you can take him to court, but it is family. This being said, there are some things you should do even if you don't end up in the courthouse.
1. Create a time line of events ON PAPER. For example.
1/1/06 Brother contacted me and requested a loan of money to pay home mortgage.
1/2/06 Brother and I agreed that I would lend him the money with a pay back schedule as follows: (insert your agreed terms here).
1/3/06 I sent him the funds via bank check, Number 100 from the Bank of Pennsylvania, 123 Main Street, Allentown, PA.
1/4/06 Check cleared the bank and the funds were debited from my account.
1/31/06 Cleared check (COPY NOT THE ORIGINAL) attached references that it was endorsed by brother's name and/or deposited in the Bank of Delaware etc.
A few notes here. Do this because this way when you have to tell anyone about this, you have the time line without emotion and you will not forget anything.
Note, the bank names are for reference only.
Now, do this immediately. Send him a registered return receipt letter via US MAIL. If he doesn't pick it up keep the returned letter keep what comes back from the post office.
Make the letter a formal a final demand for repayment.
Dear Brother.
This is a formal demand for repayment of funds dispersed to you on 1/5/06 in the amount of 5,500.00. The amount owed to this date plus interest is now XYZ and full repayment of this is due immediately.
Numerous attempts to contact you have been unsuccessful.
Sincerely, your sister.
NOW remember this is a formal letter and this is family you are dealing with. You may want a softer approach before going legal.
Another alternative:
Dear Brother.
I realize you are going through a challenging time right now and believe me, I realize how difficult money issues can be,
This being said, I need your help with repayment of the funds I dispersed to you.
Let's talk this out. I am sure there is a way we can get this behind us.
Let's put our thinking caps on and together come to a reasonable solution. Even Donald Trump has money issues,. so believe me, I realize what you may be up against. Perhaps, though there is something more I don't know. I am here for you as you know, but I also have some challenges facing me.
I look forward to hearing from you.
Your sister.
See what happens with the softer approach. Keep to the facts.
If you have to take him to court you may have dollar limits and you may only be able to sue for 5K (I don't know I am not a lawyer).
PS DID YOU INDICATE LOAN ON THE FRONT OF THE CHECK?
Now the hard facts about the legal system - It stinks.
Even if you take him to court and get a judgment, if he has no money you'll get nothing believe me. Now, if he goes bankrupt that may also be an issue.
So, I hope this helps. You need to get a letter off to him via registered mail to start with.
Now, all this being said, consider what the cost of a relationship is.
He is obviously in trouble. Try to put yourself in his shoes. Is the financial pressure due to job loss, drugs? etc.
Make the time line right away you need that to talk with others.
Hope some of this helps.
2007-01-02 23:42:05 · answer #2 · answered by Avery G 2 · 0⤊ 0⤋
Go to small claims court to get a judgement lien against his property. He can still sell if the owner doesn't care about having a clear title but in order to obtain a clear title he has to pay off the lien.
From:
http://www.fair-debt-collection.com
Creditors, debt collectors and ordinary citizens can petition courts to grant a judgment and and then place a lien on a debtor's "Real Property" . Called a "Judgment Lien", the lien places an encumbrance on the property so that, if the property is sold and funds are left over after the primary lienholder (mortgage or loan company) is paid in full, any excess funds are used to pay down or pay off the lien.
You can find more information at:
www.tenant.net/Court/nolo/nn2.html
2007-01-02 23:59:28 · answer #3 · answered by mac 3 · 0⤊ 0⤋
Take it as a lesson learned. You can take him to small claims court and get a judgment but you can not draw blood from a stone.
If he decides to declare bankruptcy then your judgment would make you a secured creditor, however, if he has nothing you will probably get just that.
My advice is that if he comes around looking for money, tell him the cheque is in the mail.
2007-01-02 23:37:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hate to say this, but you're never going to see your money. If he didn't have it then...what did you, and him, see in his financial state that would change in order for him to be able to stay current on his bills and still pay you?
Never "loan" money to family or friends, ever expecting to see it back. It's the best and easiest way in the world to ruin a relationship of any kind.
2007-01-02 23:36:35 · answer #5 · answered by mottthedog 6 · 0⤊ 0⤋
Well all I can say is you brother hang you up to dry. does sound like he is very trustworthy. Unless you want to take legal action against him. it would be hard to see how you can recover your money back.
next there is no escape of payment even if you claim you brother run away with your money. Well who can you trust now?
2007-01-02 23:21:18 · answer #6 · answered by dix 1 · 0⤊ 0⤋
Never loan money to ANYONE unless you can afford to! When you loan money, you are loaning it to someone who is in apparent distress with money, so chances are, you WILL NOT see that money! Your credit is the most important thing you have going for you! Don't allow someone else to ruin it!
2007-01-02 23:25:51 · answer #7 · answered by annieng05 2 · 0⤊ 0⤋
Unless you have a written contract with his signature on it, your options are limited. Small claims court is your only option. Once a court orders him to pay, if he doesn't then he goes to jail.
2007-01-06 22:03:05 · answer #8 · answered by ginabgood1 5 · 0⤊ 0⤋
Take him to small claims court.
2007-01-02 23:18:56 · answer #9 · answered by notyou311 7 · 0⤊ 0⤋
you can sue...
small claims but collecting is another matter...
lien I doubt it...
you should have thought about this before you loaned the money---
2007-01-02 23:24:55 · answer #10 · answered by cork 7 · 0⤊ 0⤋