Legal Question in Credit and Debt Law in Florida

$10k loan to friend

In late May we loaned $10k to

a friend who was having financial

difficulties with a second property

and needed short term help. On

advice from my husband's legal team

at work, on the check we wrote

''loan to Mr xxxx - repayment to be

organized'. We have a copy of the

check.

No attempt has been made to pay or

start to pay back the money. We

only want our $10k - no interest.

Now there are rumors they are in

foreclosure (which may cause us

additional problems as they live in

the house opposite us and their

foreclosure could very negatively

affect our house sale price - my

Realtor is looking into this situation

for more info). They have 2

properties - one opposite us and one

in South Florida. If the rumor is true

about the property here then they

are in foreclosiure on both properties.

We have asked for the money in

writing twice in the last week to ten

days and they have said they will

'see what they can do' but we are

moving in mid Oct and want the

money by then or it will be even

harder to collect once we no longer

live opposite.

They have 2 cars (one a luxury

model and one a European import)

and a 1 year old $50k boat.

Help! What can we do?

Thanks


Asked on 8/26/07, 5:30 pm

1 Answer from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: $10k loan to friend

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

If your friend will not voluntarily repay the money, then you have no choice but to file suit for the monies owed. With your testimony and the cancelled check, you should be able to collect. While you cannot do anything to their residence, you could get a lien against the second property although if the mortage holder is foreclosing, it may not be a real option. Once the judgment is obtained, you can instruct the sheriff to levy on the cars or boat in order to collect on your judgment. This will be a messy procedure and having an attorney represent you will be extremely useful as well as it will expedite the process.

Scott R. Jay, Esq.

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Answered on 8/26/07, 6:02 pm


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