Legal Question in Credit and Debt Law in New Jersey

Personal Loan Repayment...

I ran into some debt issues when i

was in the process of opening a

company and spent millions of

dollars on equipment and

employees only to be thwarted by

another companies offer, losing out

on all of my money... in a panic i

borrowed 1,789,133 dollars from a

man i knew to loan money. 1 year

ago i attempted to repay him 1.9

millions dollars, he refused claiming

i owe him 2.5million dollars and is

attempting to foreclose on my

home... what are his/my legal

rights, can he foreclose on my

property?


Asked on 12/22/08, 6:07 pm

2 Answers from Attorneys
John Corbett Corbett Law Firm LLC

Re: Personal Loan Repayment...

If there is a mortgage and if the underlying note is in default, he can foreclose. If he expects to attach the property otherwise, he will have to get a judgment by suing you.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 12/22/08, 6:52 pm
Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

Re: Personal Loan Repayment...

He sounds like a loan shark. You need a good attorney to expose this. Feel free to call me at 732/247/3340 to discuss.

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Answered on 12/22/08, 9:25 pm


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