My father put a CD up for collateral for a personal loan. The loan matured and a balance of $3,800 is owed. The cd is larger and I can not pay the balance of the loan. The bank is going to take the balance from the CD and the loan will be settled. My father does not understand my temporary situation and is telling me he will take me to small claims court and put a judgement against my home (which is not on the original loan). Is that possible?
2007-09-10 05:15:49 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I do not want to default on this loan - however my wife lost her job/facility closed unemployment ran out and she is also expecting in Nov. At this time on one income with 3 other children and my father not being very understanding about our situation, it's kinda difficult. We sent him a letter with money and have been doing this monthly to be proactive until our situation changes and let him know - but money is more important to him than anything else. And he has not talked with us in over a year - up until today we have always payed on the loan.
2007-09-10 08:30:30 · update #1
yes
2007-09-10 05:44:09 · answer #1 · answered by Jack 2 · 0⤊ 0⤋
I work for a financial institution and if your father offered it up for collateral then he has taken a risk....if this is the only way to repay the loan then that's something you and him will have to deal with....he would lose if he took you to small claims court because if he put something up for collateral then he obviously singed an agreement. It is up to you if you want to make your father happy and repay him for this...or don't and there's nothing he can do except be mad at you until you settle this "PERSONAL" debt.
2007-09-10 07:10:31 · answer #2 · answered by DbagD 2 · 0⤊ 1⤋
Yup. If you borrowed the money and didn't pay it back, and now his asset that he put up for collateral is being seized because you didn't pay what you owed, he can sue you for the money and can get a judgement and attach YOUR assets to be sure he gets paid back.
2007-09-10 05:56:15 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-09-11 21:02:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2007-09-13 21:06:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋