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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?
You can file suit in the court to enforce the promissory note. If you obtain a judgment against him, you than have few options, wage attactment, attachment many property that was secured in the security agreement.
just some thoughts, not legal advice.
You can file suit in the court to enforce the promissory note. If you obtain a judgment against him, you than have few options, wage attactment, attachment many property that was secured in the security agreement.
just some thoughts, not legal advice.
You can as listed go to court and get a judgement, then put a lien on his property, It will only be of value normally if he trys to sell the house, in forclosures normally attachments will never see any money.
Did you list specific household property, if so you may be able to get an order to take possession of the ppersonal property.
And if you have a NSF check, take it to the proper department and file criminal charges for the NSF check.
File a lien against his home. You don't need a judgment for that. No, it won't help you collect now, but if he tries to sell the home, or if it goes into foreclosure, he or the lender in first position, will still have to deal with you.
Go to small claims court. It's quick (relatively), cheap and easy. You certainly should win a judgment. Collecting on the judgment, however, is going to be harder. The court should have a bailiff or constable who executes the judgment, but they need your help. As mentioned above, YOU need to supply the constable with the information about WHERE the debtor works, WHERE his bank accounts are, WHERE any of his property is.
The bank account is the easiest to levy and it produces cash. That's what I would concentrate on, although this deadbeat probably has no money in there. But, you might catch him with some bucks in there.
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