Asked Jan 13, 2006, 10:46 AM
I lent money to a so-called "friend" of mine where I had him sign a Promissory note. The promissory note explained the terms for re-payment. It also clearly stated the consequences in case of default. I also had a security agreement with his home and the contents being the collateral. I have recently found out that he has no equity in his home and owes a lot of people money.
His first payment was an NSF check and he has also not sent the other scheduled payments.
My questions are: what recourse do I have? Are the instruments valid? What is the process for recovering my money? How long does it take?