Can I use a real estate lien to collect a personal loan?
Diane L asked:
I loaned my friend $5,000 for a vehicle almost 10 years ago with only trust as the security for payback. I’ve not seen any effort for payback and I need the money.
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I loaned my friend $5,000 for a vehicle almost 10 years ago with only trust as the security for payback. I’ve not seen any effort for payback and I need the money.
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Tags: 10 Years, Payback, Personal Loan
April 2nd, 2009 at 6:17 pm
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What kind of payment arrangements did you make with your friend. Have you asked for the money back. Because in 10 years you could not go to court to sue b/c the statue of limitations have run out. I would explain the your friend that now you are in a bind and need the money back just like they were.
April 5th, 2009 at 9:29 am
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First, even if you had a written agreement because his real estate had nothing to do with your loan you cannot attach a lien against that real estate. Second, because you have nothing in writing about the loan, there’s nothing now that you can do about this deadbeat. Let this be a lesson to you. If your “friend” cannot get a normal loan from a bank, don’t believe that you know more about loaning money to people they decline than they do. They make such loans for a living. They know a deadbeat when they see one. Your only hope is to guilt him into it which I doubt will work. Never loan money to friends unless you’re willing to kiss that money goodbye.
April 7th, 2009 at 10:31 am
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You can kiss that money “Goodbye”. You should never loan money or go in business with friends, family or relatives. Get a new friend.