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
1 Answer from Attorneys
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.