how can i get my money back ?

Question

around a year ago i lent my brother 20,000 dollars to keep him from getting his house forclosed on i now have this debt on my credit card . i have all the statements of the transactions , what would be the best way to go about getting my money back ? . i tryed talking to him and he is hopeless, \\\\

i also live in the house its a duplex , but im moving out very soon i tryed talking to him , hes a drug addict with an attitude problem. im purshasing my own house im pre approved for a mortgage but i will still have this debt he will most likely lose everything

i think im stuck the only thing i have is the creditcard statements with the mortgage companys name on it , we had it out today he cant be reasoned with he threatened me saying its unsecured so im moving asap thanks everyone for the feed back

Answer 1

Did you have him sign a promissory note or IOU? Anything?

You can sue him, but you'd have to get him to admit in court that he borrowed the money - do you think he'd do that? Did you write checks with his name on them? Have anything that shows the transfer went from you to him?

If you have verifiable proof - get a lawyer. But that will cost you too .. and if you got a judgment - does he have the money to pay you? Would it be in vain?

I'm sorry for your situation - its never nice when family takes advantage. Never.

Answer 2

Well , do you have a written agreement for the loan to him with his signature on it.? That would be very helpful to start. If it was a verbal type arrangement between you both without an agreement , most likely the courts or even him could say that it was a gift and not a loan. So, possibilities is to take him to court, suing for the $20,000 plus interest and court costs. You may also atttempt to put a lein against the home so if he attempts or wants to sell the house your claim against the property should be dealt with before sale is completed. Personally, It was very nice of you to attempt to help him, but he is a big boy and responsible for his own direction and events in his life as you are. So. if the interest on this credit card debt is adding up extensively and you dont expect repayment , I guess your swallowing it yourself and would be best if you can to pay off asap by paying off with a personal loan from your bank...which more than likely has a much cheaper interest rate attached. Good luck

Answer 3

You have learned a valuable lesson. The only option left to you at this point is Legal action. Unfortunately, this is beyond Small claims court, you have to file an action against him in court for the recovery of your money. Hopefully, that will jolt him to do something.

However, before doing that call/ Search online for Arbitrators in your area/County. Many Counties have volunteer ones that don't cost the earth. An Arbitrator will sit with you both and try to get you to reach an agreement. The downside of this is that he may refuse to go as it is voluntary. If he does show it may help you get a written agreement out of him, which you can use as evidence in court if he does not fulfil his promise.

Answer 4

I question your resolve especially when it comes to $$$ & Family but, "If", your committed to getting your $$$, you but need to take him to Court and ask that a Summary Judgement be placed upon the Debt owed this, If He admits the debt, will let Him know your serious about your $$ The Judge will give Him X amount of time to "Pay or Quit" thereby giving you control over the House. You sell you keep the amount owed and any additional fees incurred. And I don't want to here it if and when He blows your brains all over His Livingroom wall.

Answer 5

You have just flushed $20,000 down the toilet. You can sue your brother and get a judgment. Since he apparently has nothing that's what you will get. Only you will be out more money on Atty. fees
On the other hand you owe the money to your credit card company. So get to work and pay them off. Do it even if you have to get a second job.

Answer 6

I hate to say this but that is the number one no no. Do not loan money to a family member because they think they can just do whatever and get away with it. 20,000 is a lot of money if it was a lower amount i'll say let if go and let god. Maybe you should still do that. You'll get it back. remember its better to give than receive. You know what i really what to say SUE HIM but people hate to hear family members suing family members.

Answer 7

For that size of debt you will need a lawyer and take him to civil court. Now, even if you win he needs to be able to pay. If not you will only be able to garnish a portion of his wages until the debt is satisfied(you will get interest until it is paid). You will almost surely be required to pay your attorney up front. So now you need to decide if its worth it or if you just learned an expensive lesson.

Sorry

Answer 8

If you have proof that you lent him the money you could sue him for it. But.. I'd say that although you may or may not get your money back you'll definitely lose a brother!

Answer 9

Ask mom to cover your brother's debt.