Legal Question in Credit and Debt Law in New Jersey

Gave a loan to a friend in good faith in late 2006 by executing entire stock I was holding and arranged a direct wire transfer from UBS to his bank acct. I also had to pay the tax on the transaction. The money was to help him to pay for a property (building) acquirement in South Korea and supposedly paid back in 2 years from the date of the loan. It�s been almost 3 & 1/2 years and he has not paid a single penny back to me. He�s keep saying that under the current government system ruled by President Myung B. Lee, he cannot sell the property with a profitable margin therefore WE need to wait until the next, new President. To me that sounds indefinite and irresponsible. And he wouldn�t sign any contract or write me a promissory note. Please tell me what legal action I can take to resolve the matter? We both reside in New Jersey. For your information he�s a citizen here and currently in the process of supporting his 2-year wife�s permanent residency in the U.S. He works as a freelancing auto mechanic for a produce company.

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