 Can i get a loan to buy a house out right ? p.s im not mad im on benefits!? |
Additional Details
this is for the scummy git reply:
i am on benefit because i have phsycological problems. i do not wish to dissclose further
to a internet ... |
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moomoo | 3 years ago a friend of mine loaned me $5,000 for a down payment on my mobil home? |
there was never any papers legal or otherwise drawn up or signed legal or otherwise for repayment he had said we would work it out later but never did. so in the last 36 months i have payed the $330.00 a month note payments on the mobil. to date over $10,000 . now he wants his money the lump sum and wont agree to payments. what rights by law do i have? Help |
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kemperk
 |
he is trying to claim it was an interest only loan?
----
by law, neither of you had a contract;
a contract requires a "meeting of the minds" as to what the agreement is
and if a payment is part of the deal, what the payment specifications are. ON that
account, 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 in the clear by 2 miles!!! |
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james m
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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 have been the right thing to do. RIGHT?
You had 3 years to pay, but neglected to pay anything. What you need to do, the RIGHT thing, is to go borrow the money from a bank and pay him.
The amount of payments that you have made on the mobile home does not have anything to do with paying your friend back. But I'm sure that he would have accepted your payment of $150 a month toward repayment. It would be paid off now if you had.
What's rights do you have by law. The only right that you have is to do the RIGHT thing. He can sue you and win in court, even though there was no legal paperwork signed. You have already stated that it was a loan. That's all a judge needs to know.
SHAME ON YOU for trying to take advantage of a friend's generosity.
If you get taken to court, you will also have to pay court costs. |
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kapn
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Wow........tried to screw a friend out of 5K.........you must sleep well at night.........lent 10K to a old girlfriend......then she renigned.......forgot she signed a promissory note on a bar napkin.........got my 10K...........pay the money....... |
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dorky123
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wow ...I hope I never have a friend like you. Someone was kind enough to let you borrow 5000 bucks with no contract meaning they trusted you and now your saying just because your paying your rent like you should to begin with that you shouldn't pay him back? They will ask you to show proof of how you came up with the money..if he took it out of his account and then magically appeared on yours..he can def sue you. Hope he does.. |
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src50
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You making the payments on the mobile home you bought has NOTHING to do with what you owe your friend. If there was no paperwork, he probably can't do anything legally. But ethically, you owe him. Nice guy. |
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Bob d
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Know one can make you pay him back in a lump sum. Even if he takes you to court, the court will set up a payment plan. It's unfortunate for your friendship that you cant pay him the lump
sum. Sounds like he was there for you when you needed him.
BUT...the old saying holds true...You cant get 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 need 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. |
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HelpMeEscrowStuff
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You owe the $$. He'll sue you in small claims court, and he will win since both parties knew this is a loan. The court will see you've been making payments on the home and will say you should have been taking out $$ per month to pay it. Not paying your friend for 3 years makes it seem like you weren't much of a friend. He shouldn't have to ask for his $$ back; you should have been paying him regularly. Obviously, if you don't have $5,000 then you won't be able to give him a 1 lump-sum payment. But that won't stop him from getting a judgement.
One thing in your favor is there were no papers signed for this loan (dumb on his part), so you can say that you didn't expect to pay it back for 10 years or something... the court may mandate that you pay it back in installments. |
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Leo F
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My first question is, did you disclose the $5000 was borrowed to the lender? If you did not then you have 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 recorded in the appraisal and the closing docs. So he can get proof. Pay your friend his money, he lent it to you in one lump sum, why should he wait for payments, he not a bank!! Why is it one someone lends money to another the lender is the bad guy when he wants his money back. |
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Expert Realtor
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You don't. Unless he paid you cash, if he can prove he gave you the money and can show the court that you were not dating, married, and was not really in a financial position to give someone a gift, he will get his money back.
Only a loser wouldn't pay someone back that was that generous. Just because there is no note doesn't mean you don't have to pay it back, there are many, many other things a court can take into consideration.
You should be ashamed of yourself. |
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