Legal Question in Credit and Debt Law in New York

Loan for Businees.- Family

I mortgaged my house for my son to buy a business on the stipulation that he pay the mortgage payment until paid in full. He has done so until now. But now is saying he wont anymore. I have a verbal agreement and a wire transfer copy of the transaction and copies of accounting paperwork showing the amount owed to the mortgage bank. Can I sue him for the money?


Asked on 4/21/08, 9:48 pm

1 Answer from Attorneys
jeffrey lazroe Jeffrey A. Lazroe attorney at law

Re: Loan for Businees.- Family

yes. Do so right away, the longer you wait, the more money is owed, making it more difficult for your son to pay back.

Also prompt action is necessary to impress upon your son how serious this matter is. Maybe he would be more likely to continue the payments.

If you need the services of a lawyer, please contact me. We service clients throughout the state in matters such as these

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Answered on 4/27/08, 2:47 pm


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