Legal Question in Credit and Debt Law in North Carolina
Lenders Rights
My mother loaned my sister 15000$ to purchase her home with the aggreement (verbally) that she would pay the money back. Being that it was her daughter , of course trust was there. The response so far was '' write it off on your taxes''. My mother is retired on a fixed income and borrowed the money on her credit cards, it has put her in an untenable position financially. I would like to know if there are any options available to collect on this debt. I would appreciate any information you have . Thank You
1 Answer from Attorneys
Re: Lenders Rights
The law varies from state to state.
I often receive emails accusing me of being too tough on people who do really dumb things like lending large sums of money on "verbal agreements." Well, I am not in the business of telling people what they want to hear. This was D*U*M*B. However, it is always possible that the judge will believe your Mom if she takes your sister to court within the legal time limit. If Mom has a cancelled check, credit card receipts, or any other written proof this will be helpful. If Mom wins in court, she should see a lawyer about ensuring that the court judgment becomes a lien on the house so it will be paid off in the event your sister sells the property.
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