3 years ago a friend of mine loaned me $5,000 for a down money on my mobil home?
there was never any papers officially recognized or otherwise drawn up or signed legal or otherwise for repayment he had said we would work it out then but never did. so in the last 36 months i own payed the $330.00 a month note payments on the mobil. to date over $10,000 . now he requests his money the lump sum and wont agree to payments. what rights by law do i have? Help
Answers:
Wow........tried to screw a friend out of 5K.........you must sleep in good health at night.........lent 10K to a old girlfriend......afterwards she renigned.......forgot she signed a promissory note on a bar napkin.........get my 10K...........pay the money.......
Know one can make you settle him back in a lump sum. Even if he take you to court, the court will set up a payment plan. It's unfortunate for your friendship that you cant wages him the lump
sum. Sounds like he was nearby for you when you needed him.
BUT...the old saying holds true...You cant take blood out of a turnup and if you dont have the total amount, he will have to agree to payments.
This is considered a civil matter-he will probly requirement to hire an attorney and you will be responsible for paying his attorney and filing fees also. The court will include that into your payment plan to him.
wow ...I hope I never have a friend close to you. Someone was kind plenty to let you borrow 5000 bucks with no contract plan they trusted you and now your saying lately because your paying your rent like you should to begin near that you shouldn't pay him back? They will ask you to show proof of how you come up with the money..if he took it out of his account and later magically appeared on yours..he can def sue you. Hope he does..
You owe the $$. He'll sue you in small claims court, and he will win since both parties know this is a loan. The court will see you've been making payments on the home and will say you should enjoy been taking out $$ per month to pay it. Not paying your friend for 3 years make it seem like you weren't much of a friend. He shouldn't hold to ask for his $$ back; you should have be paying him regularly. Obviously, if you don't have $5,000 then you won't be capable of give him a 1 lump-sum payment. But that won't stop him from getting a judgement.
One article in your favor is there be no papers signed for this loan (dumb on his part), so you can say that you didn't expect to pay it hindmost for 10 years or something... the court may mandate that you pay it back surrounded by installments.
My first sound out is, did you disclose the $5000 was borrowed to the lender? If you did not then you enjoy committed Mtg Fraud!! Federal Crime to include wire fraud and it caries a 30 year prison sentence and a $1,000,000 fine. If you did then its record in the appraisal and the closing docs. So he can get proof. Pay your friend his money, he lent it to you contained by one lump sum, why should he wait for payments, he not a bank!! Why is it one someone lend money to another the lender is the bad guy when he wants his money posterior. Source(s): Certified Appraiser
Whether he "worked it out" or not, you owe the man his money. Evidently, you didn't offer to make payments to him, which would own been the right thing to do. RIGHT?
You have 3 years to pay, but neglected to pay anything. What you have need of to do, the RIGHT thing, is to go borrow the money from a wall and pay him.
The amount of payments that you have made on the mobile home does not hold anything to do with paying your friend back. But I'm sure that he would enjoy accepted your payment of $150 a month toward repayment. It would be rewarded off now if you have.
What's rights do you have by law. The solely right that you have is to do the RIGHT thing. He can sue you and win contained by court, even though there was no legitimate paperwork signed. You have already stated that it was a loan. That's adjectives a judge needs to know.
SHAME ON YOU for trying to steal advantage of a friend's generosity.
If you get hold of taken to court, you will also have to pay court costs. Source(s): I see Judge Judy alot.
I have been surrounded by the same situation as your friend, and my friend still owes me. I loaned him and his wife $2000 in April, 2007, to minister to carry them through while he was recouperating from an virus and couldn't work. I was promised to be paid pay for when they received their tax refund. They own received two refunds, 2007, 2008, and a $1200 stimulus check. Since I loaned them the money they have be on three vacations, and I still haven't received all the money backbone. I feel used.
he is trying to claim it be an interest only loan?
----
by law, neither of you have a contract;
a contract requires a "meeting of the minds" as to what the agreement is
and if a payment is element of the deal, what the payment specifications are. ON that
side, you had no agreement.
thus, no agreement. Thus, he has no
grounds for suit.
Wait for him to sue you.
I would love to listen to the judge's comments.
YOU are surrounded by the clear by 2 miles! Source(s): biz teacher
You making the payments on the mobile home you bought has NOTHING to do with what you owe your friend. If nearby was no paperwork, he probably can't do anything legally. But ethically, you owe him. Nice guy.
You don't. Unless he paid you cash, if he can prove he give you the money and can show the court that you were not dating, married, and was not really surrounded by a financial position to give someone a gift, he will capture his money back.
Only a loser wouldn't pay someone support that was that generous. Just because within is no note doesn't mean you don't own to pay it back, here are many, many other things a court can bring into consideration.
You should be ashamed of yourself.
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Answers:
Wow........tried to screw a friend out of 5K.........you must sleep in good health at night.........lent 10K to a old girlfriend......afterwards she renigned.......forgot she signed a promissory note on a bar napkin.........get my 10K...........pay the money.......
Know one can make you settle him back in a lump sum. Even if he take you to court, the court will set up a payment plan. It's unfortunate for your friendship that you cant wages him the lump
sum. Sounds like he was nearby for you when you needed him.
BUT...the old saying holds true...You cant take blood out of a turnup and if you dont have the total amount, he will have to agree to payments.
This is considered a civil matter-he will probly requirement to hire an attorney and you will be responsible for paying his attorney and filing fees also. The court will include that into your payment plan to him.
wow ...I hope I never have a friend close to you. Someone was kind plenty to let you borrow 5000 bucks with no contract plan they trusted you and now your saying lately because your paying your rent like you should to begin near that you shouldn't pay him back? They will ask you to show proof of how you come up with the money..if he took it out of his account and later magically appeared on yours..he can def sue you. Hope he does..
You owe the $$. He'll sue you in small claims court, and he will win since both parties know this is a loan. The court will see you've been making payments on the home and will say you should enjoy been taking out $$ per month to pay it. Not paying your friend for 3 years make it seem like you weren't much of a friend. He shouldn't hold to ask for his $$ back; you should have be paying him regularly. Obviously, if you don't have $5,000 then you won't be capable of give him a 1 lump-sum payment. But that won't stop him from getting a judgement.
One article in your favor is there be no papers signed for this loan (dumb on his part), so you can say that you didn't expect to pay it hindmost for 10 years or something... the court may mandate that you pay it back surrounded by installments.
My first sound out is, did you disclose the $5000 was borrowed to the lender? If you did not then you enjoy committed Mtg Fraud!! Federal Crime to include wire fraud and it caries a 30 year prison sentence and a $1,000,000 fine. If you did then its record in the appraisal and the closing docs. So he can get proof. Pay your friend his money, he lent it to you contained by one lump sum, why should he wait for payments, he not a bank!! Why is it one someone lend money to another the lender is the bad guy when he wants his money posterior. Source(s): Certified Appraiser
Whether he "worked it out" or not, you owe the man his money. Evidently, you didn't offer to make payments to him, which would own been the right thing to do. RIGHT?
You have 3 years to pay, but neglected to pay anything. What you have need of to do, the RIGHT thing, is to go borrow the money from a wall and pay him.
The amount of payments that you have made on the mobile home does not hold anything to do with paying your friend back. But I'm sure that he would enjoy accepted your payment of $150 a month toward repayment. It would be rewarded off now if you have.
What's rights do you have by law. The solely right that you have is to do the RIGHT thing. He can sue you and win contained by court, even though there was no legitimate paperwork signed. You have already stated that it was a loan. That's adjectives a judge needs to know.
SHAME ON YOU for trying to steal advantage of a friend's generosity.
If you get hold of taken to court, you will also have to pay court costs. Source(s): I see Judge Judy alot.
I have been surrounded by the same situation as your friend, and my friend still owes me. I loaned him and his wife $2000 in April, 2007, to minister to carry them through while he was recouperating from an virus and couldn't work. I was promised to be paid pay for when they received their tax refund. They own received two refunds, 2007, 2008, and a $1200 stimulus check. Since I loaned them the money they have be on three vacations, and I still haven't received all the money backbone. I feel used.
he is trying to claim it be an interest only loan?
----
by law, neither of you have a contract;
a contract requires a "meeting of the minds" as to what the agreement is
and if a payment is element of the deal, what the payment specifications are. ON that
side, you had no agreement.
thus, no agreement. Thus, he has no
grounds for suit.
Wait for him to sue you.
I would love to listen to the judge's comments.
YOU are surrounded by the clear by 2 miles! Source(s): biz teacher
You making the payments on the mobile home you bought has NOTHING to do with what you owe your friend. If nearby was no paperwork, he probably can't do anything legally. But ethically, you owe him. Nice guy.
You don't. Unless he paid you cash, if he can prove he give you the money and can show the court that you were not dating, married, and was not really surrounded by a financial position to give someone a gift, he will capture his money back.
Only a loser wouldn't pay someone support that was that generous. Just because within is no note doesn't mean you don't own to pay it back, here are many, many other things a court can bring into consideration.
You should be ashamed of yourself.
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