Legal Question in Credit and Debt Law in Florida

Home Loan
In November I was given a no interest loan from my employer to pay the closing costs on my house. The only documentation that I signed merely stated that I agreed to pay back the loan when I was able to get a second mortgage. Due to my low credit rating, I was unable to get a second mortgage, so I put the house up for sale in January so that I could pay him back.
Last week I resigned from the company, but informed the owner that I still intend to pay him back when my house is sold. Now he is demanding his money back and threatening to charge me 9.75% interest and put a lien on my house. The written agreement never mentioned interest charges nor does it give a definite time limit for repayment.
Can he put a lien on the house? If so, was does that mean?

Thanks.

Asked on 2/12/02, 10:38 am

Anthony Comparetto Comparetto Law Firm

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0 attorneys agreed

Re: Home Loan

Someone can always sue you for money due. If the loan did not have interest you won't have to pay interest unless a judgement is entered.

Answered on 2/12/02, 11:26 am

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