Legal Question in Real Estate Law in New Jersey

Re: unpaid debt

The lack of a writing will make winning a suit more difficult but not impossible. If he won't commit to payment voluntarily, the only was to compel it is to sue.

I would advise you against accepting a promise to pay without a written agreement. It would be best if that agreement included a security interest in the realty.

So, my advice to you would be to sue. Don't wait too long before doing that because the statute of limitations will bar a suit that is filed too late. If, in response to the threat of suit, he makes a partial payment or promises to pay eventually, at least get that in writing. It would be best to have a lawyer help you with a suit. It is essential for your protection to have a lawyer draft any settlement agreement.

My firm handles matters of this type, however it may be easier for you to work with a lawyer whose office is closer to you. (You did not give your Zip code. My firm is in Marlton.) If I can be of further help to you, call or email.

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

Re: unpaid debt

Sounds like you are going to hire a lawyer, have the lawyer demand payment and then sue the gentleman if he does not pay up.

You will have to prove that it was a loan; he will have to prove that it was a gift. Quite a large gift.

What a stinker. Have you tried talking to his wife (if any) about this loan? Can anyone else talk sense to this man?

I do this kind of work. Call if you like; I never charge for a first phone call.

You can then decide how you would like to proceed.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

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Re: unpaid debt

Sue.