Legal Question in Real Estate Law in Colorado

An elderly couple I know (81 yrs old) has lent money on different occasions to a family member who is a realtor and the family member has not and will not pay them back. They have borrowed against their home to help the family member and now have only a few months left before they have no more left to make their house payment. The documentation of the loans is in the form of cashed checks that state "loan". Do they have any recourse against the family member? Due to their age, are there laws that protect them? Any assistance programs to help either? Part of the issues involve bad advice from the family member as a realtor who took a fee upfront on the developement of subdivsion and the couple was instantly upside down in the project.

Any information would be helpful- thank you


Asked on 3/26/10, 2:46 pm

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

If there was an agreement to repay and the borrower is not complying with that agreement, the couple can sue to enforce that agreement. If there was fraud related to these investments that may provide another means to collect.

Ultimately, the couple needs an attorney to review the matter and enforce the agreement. Good luck.

DISCLAIMER�This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney-client relationship.

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Answered on 4/01/10, 8:56 am


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