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What course of action for default on personal loan? can i filed a lawsuit against the borrower?
Anonymous1 views1 answers
I lended 150k to a friend of a friend for interest only for 3 yrs and the personal nas not honored since last July.i have a lean against the house that went into foreclosure 2xbut managed to have postpone the last auction to October ,2009.-there is primary lender.
What are my remedies to recover my money and the interests that is owed to me?
Assuming you have a promissory note, you have a right to sue on the note and/or foreclose on your second lien. Depending on your friend's situation, one course of action may be more advisable than the other. For instance, if you file suit and obtain a judgment, you can garnish bank accounts, garnish wages and even seize certain personal property. You need a careful analysis of your situation in order to choose the best strategy, so you should contact an experienced commercial collections attorney as soon as possible.
You may find some useful information on my website. Good luck.
