How can I collect out-of-state loan that is not being paid?
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How can I collect out-of-state loan that is not being paid?
MD resident made $60K+ personal loan to husband/wife in VA with agreed monthly payments in 2003. Husband sick and only 1 payment between then and 2007. He died and his wife signed handwritten promissory note (not notarized) in 2008 and made 1 payment and 1 payment in 2009. Loan was used for materials/occupancy of custom house in VA. She has financial problems. Can I get judgment on home/property ($750,000+). She says she will pay 1/2 when she receives estate settlement-parents property is up for sale. She and property in VA; I’m in MDD. What recourse, do I need lawyer for one or both states?
Asked on November 19, 2010 under Bankruptcy Law, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I think that you should bring the paperwork that you have to an attorney in your area to review to make sure that it will stand up to the requirements for the a note. The note should have been filed as against the property so that it shows up as debt that needs to be paid off. How you handle it now needs to be determined after reading the documents. At worst you have a form of a contract and hopefully the terms are clear and it does not violate the statute of frauds. You will have to sue based upon a breach of the contract and then file a judgement against the estate and the property. If you want to renegotiate the terms to make sure that it complies, talk with the attorney about that as well, since she does not seem to want to evade the loan. Circumstances are just that she can not pay it right now. See what can be worked out. Good luck.
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