And only paying us back little interest. Like 40 G's only. We have a Notary public signed document stating he should pay us like 5-6 yrs ago. And her comission has expired. Is it still effective?
He CLAIMS he hasnt paid his mortgage even once during this time. Is this even possible? Or should he be rotting in a cell. Thanks a lot, davdddd
2007-09-21 04:33:53 · 9 answers · asked by D M 4 in Business & Finance ➔ Renting & Real Estate
There are no debtor's prisons in the US so he won't rot in any cell anywhere for non-payment of any debt.
You need to seek legal advice. Each state has as SOL on debts. If you have waited that long, you may have lost any right to collect if you have not enforced your rights for an extended period of time.
Get a lawyer, you need one!
2007-09-21 04:41:26 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Sir, what you need to determine is whether or not you and this person have a contract. Although getting a notary public to sign and stamp can be helpful it is a not necessity for a contract. What are necessities for a contract are:
Agreement: This requires an offer by the Offerror and an acceptance by the oferree.
Consideration: He gets to use your 600K you get interest for letting him use (consideration is more complex than I will go into here, but to over simplify you both need to be receiving something of value)
Contrtactual Capacity: Parties must be legally able to sign for themselves otherwiswe known as having; contractual capacity. I.e. be an adult, be of sound mind, etc. etc.
Lawful object: The object of the contract must be lawful.
Also, different states and industries and situations require different things; as such, this is a basic (very very very basic) model to determine whether you have a contract or not. If you think you do call a lawyer. There are legal avenues that you can take.
If you do not think you do email me, I charge 20% of whatever I recover.
2007-09-21 12:05:06 · answer #2 · answered by joeseph b 1 · 1⤊ 0⤋
Ouch...
Don't know about the commission.
A notarised document is good forever, from what I understand.
No...if he hasn't paid his mortgage, he'd have been tossed out on his ear long ago.
Please note, that depending on how the law(s) is/are written, you may be out of luck to ever recover the monies owed...unless you have continually made legal efforts to recover the monies.
Most reputable professionals will provide an initial consult for free. Talk to a lawyer, and PI. Discuss your options, and how you would go about enforcing them.
As for should he be in jail...sorry, the last US debtor's prison closed a *very* long time ago.
2007-09-21 12:36:12 · answer #3 · answered by jcurrieii 7 · 0⤊ 0⤋
You can take your document to the court in his area, have it recorded, and get a judgment. Then you can get in line to attach his assets if he has any. We don't jail people in the USA for debt. There's an old saying; You can't get blood out of a turnip.
2007-09-21 11:41:30 · answer #4 · answered by Suzy 5 · 0⤊ 0⤋
Get a lawyer. However statue of limitations may have expired and so you may be out of luck.
2007-09-21 11:43:50 · answer #5 · answered by Bob D 6 · 1⤊ 0⤋
You have not received a payment on a 600K loan in 5-6 years and you are just asking this question now? And ... you are asking here?
Can I have a loan please?
2007-09-21 11:42:28 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Sue him for the money... Foreclose on his house, or take what ever collateral he put up. Do you really think this con man will ever pay you on your own???
2007-09-21 11:42:18 · answer #7 · answered by KC 3 · 0⤊ 0⤋
that much cash, you are going to have to go full litigation in civil court, get a lawyer hope he has assets to attach
2007-09-21 12:06:39 · answer #8 · answered by goz1111 7 · 0⤊ 0⤋
You're a idiot for loaning someone $600,000. Period.
2007-09-21 11:42:21 · answer #9 · answered by Navy Wife 4 · 0⤊ 0⤋