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All-Star
02-14-2007, 03:26 PM
I know I am going to get blasted... so go easy on me.
I loaned $12,000 to my cousin. Was supposed to pay me back in a few months max. (Until he refinanced and then paid me back.)
Refinance came and went and have not been repaid. The value was not there for him to take any cash out. I understand and am not upset, he had no control over the market.
He has wealthy parents, grandparents etc. He did not want to borrow from them because he wanted to try to prove something to them. But I really need/want my money back (1 1/2 years later).
He had mentioned that he could borrow from his grandpa. So when I asked him about it now, he says that it is not his grandpa's problem. Well I know that... duh.
He wants me to wait until he sells the house in a year. I cant get him to understand that I do not want to wait any longer. He has resources and I do not.
Am I wrong? I am thinking that if I have to wait until he sells the house(which was not our original agreement) then I should get half of the profit since he could not have bought the home without my money.
I am not mad, I know he will eventually pay me, but this is not what I signed up for.
Vent over

andy01
02-14-2007, 03:30 PM
I know I am going to get blasted... so go easy on me.
I loaned $12,000 to my cousin. Was supposed to pay me back in a few months max. (Until he refinanced and then paid me back.)
Refinance came and went and have not been repaid. The value was not there for him to take any cash out. I understand and am not upset, he had no control over the market.
He has wealthy parents, grandparents etc. He did not want to borrow from them because he wanted to try to prove something to them. But I really need/want my money back (1 1/2 years later).
He had mentioned that he could borrow from his grandpa. So when I asked him about it now, he says that it is not his grandpa's problem. Well I know that... duh.
He wants me to wait until he sells the house in a year. I cant get him to understand that I do not want to wait any longer. He has resources and I do not.
Am I wrong? I am thinking that if I have to wait until he sells the house(which was not our original agreement) then I should get half of the profit since he could not have bought the home without my money.
I am not mad, I know he will eventually pay me, but this is not what I signed up for.
Vent over
Well since he hasn't come through yet he won't later. If you get him to give you a bit of the profit now, he won't in the end. I would tell him to pay up, or sign a agreement to give you what ever your 12K to the value of the house..... house is woth 100K then he gives you 12K plus 12 percent of the profit, house is worth 200K then he gives you 6 percent of the profit. I would try that route if you will fully agree. Only fair for you, you should make something on it. Hell I loaned somebody 10K for 2 months and charged them 500....
Andy

Jbb
02-14-2007, 03:35 PM
Hell I loaned somebody 10K for 2 months and charged them 500....
Andy
Yeah!........and threatening to cut my thumbs off.....was really in poor taste...:jawdrop:

ratso
02-14-2007, 03:51 PM
In the future try this...
NO!!!!!!!!!!!!!!!!!!!!!!!!

DaddyMack
02-14-2007, 03:59 PM
Get your agreement (whatever that may be) in writing asap and signed while you can. Be specific on how you are getting paid back and when. THEN if not paid sue. I know it sounds harsh, but with a judgment you could lien the property and be sure you are paid. Further, the interest rate on judgments isn't too bad. If you can, certainly get a default interst rate if not paid when he was supposed to.
I know he was already supposed to pay you so you could generate a document that encompasses what has happened already. There are other ways to tie him down as well.
Friends and family are always the toughest. I represented a buddie of mine years ago where his grandfather sued him for loaned money. It's never fun, but don't wait, otherwise it will just get worse.

Phat Matt
02-14-2007, 04:01 PM
When you are done with your cousin call my friend who owes me 7k. lol :D

Nord
02-14-2007, 04:04 PM
Promisary (sp?) note by a lawyer, signed in front of a notary??

Jordy
02-14-2007, 04:06 PM
Yeah!........and threatening to cut my thumbs off.....was really in poor taste...:jawdrop:
Hell RD didn't pay up a few years ago so his garage got painted to match Andy's boat to serve as a constant reminder!!! :jawdrop: :jawdrop: :jawdrop:

DaddyMack
02-14-2007, 04:16 PM
Promisary (sp?) note by a lawyer, signed in front of a notary??
You can go to a legal forms business, if you don't want to pay an attorney. Notary is good idea, guarantees who actually signed the document.

boatnam2
02-14-2007, 04:22 PM
sounds like he played you.. i dont know why he would sign anything now he has the money it is spent and there dosent sound like any kind of documentation to prove that you loaned it to him.how did he borrow money and then buy a house?there is lots of things you can do but i think your wasting your time.get a lein which dosent mean you will get payed,loaned 10k 8 years ago still havent seen a penny with a lawyer and lein.but hopefully if he plans on selling you might see your money and intrest.

Biglue
02-14-2007, 04:46 PM
Hey, can I borrow a few grand?? :D :D
What other things of value does he have? Any cars that are paid for etc? There is another way for him to come up with the cash. 12k is a lot of money to not try to collect. Good luck.

C-2
02-14-2007, 05:06 PM
Easy, take a Trust Deed against the house. That way when it sells, you will get your money fo' sure.

shueman
02-14-2007, 05:52 PM
Shuda had "something" on paper, of value, as consideration....:(
Best bet is a lien against the real property....:)

ratso
02-14-2007, 05:53 PM
Shoot him in the kneecaps...;)

Jbb
02-14-2007, 06:05 PM
Hell RD didn't pay up a few years ago so his garage got painted to match Andy's boat to serve as a constant reminder!!! :jawdrop: :jawdrop: :jawdrop:
:D :D

Ivan Dan
02-14-2007, 07:26 PM
When you are done with your cousin call my friend who owes me 7k. lol :D
Me too....my friend borrowed about $9500 total. She is making payments to me but its only like $200 here and there. Atleast its something and is down to about $7500 now. Hopefully by 2035 I will have my $$ back.

C-2
02-14-2007, 09:50 PM
You can also get a Confession of Judgment signed by him. It would certainly let him know you are prepared to sue if he does not fulfill the agreement.
A Confession of Judgment is a legal document where the debtor agrees that unless X amount of dollars is paid by X date, then you can march into court; file the judgment and it’s final. No court hearing and no right to appeal, it's filing of papaerwork only.
You could enumerate terms of the original loan, your new agreement, and a specific repayment schedule, interest and fees, all within the same document.
Why would he be selling his house in another year? Does that make sense in this declining market? If not, then don’t rely upon his statement he intends to sell it, especially if there is already no equity as you already pointed out.

shadow
04-06-2007, 05:34 AM
I know I am going to get blasted... so go easy on me.
I loaned $12,000 to my cousin. Was supposed to pay me back in a few months max. (Until he refinanced and then paid me back.)
Refinance came and went and have not been repaid. The value was not there for him to take any cash out. I understand and am not upset, he had no control over the market.
He has wealthy parents, grandparents etc. He did not want to borrow from them because he wanted to try to prove something to them. But I really need/want my money back (1 1/2 years later).
He had mentioned that he could borrow from his grandpa. So when I asked him about it now, he says that it is not his grandpa's problem. Well I know that... duh.
He wants me to wait until he sells the house in a year. I cant get him to understand that I do not want to wait any longer. He has resources and I do not.
Am I wrong? I am thinking that if I have to wait until he sells the house(which was not our original agreement) then I should get half of the profit since he could not have bought the home without my money.
I am not mad, I know he will eventually pay me, but this is not what I signed up for.
Vent over
Start out by having his leg broken,he should get the hint.:idea: If not have his other leg broken.

707dog
04-06-2007, 06:14 AM
Whats He Got Good To Sell?? Im Sure We Can Hold A ***boat Auction For Some Of His Chit...thats Alot Of Dough To Be Owing And Not Paying Up Anything...i Watch Judge Millian On My Break Everyday>>> If It Aint In Writting It Didnt Happin!!

phebus
04-06-2007, 07:12 AM
Go borrow the same amount from his gandpa, and when it's all done, tell him your cousin said he'd pay him back. :)

wright27
04-06-2007, 07:16 AM
In the future try this...
NO!!!!!!!!!!!!!!!!!!!!!!!!
Exactly, never loan anyone your money. No matter who they are.

SHOTKALLIN
04-06-2007, 07:49 AM
Easy, take a Trust Deed against the house. That way when it sells, you will get your money fo' sure.
BINGO! we have a winner!:D

rojo4
04-06-2007, 08:14 AM
Exactly, never loan anyone your money. No matter who they are.
Very well said. I've learned that if you agree to loan somoene $ dont expect to see it back unless you have collateral or a legally binding contract.