How to get repaid a loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How to get repaid a loan?
We’ve been making my parents house payment for the last 6 years. We had an agreement that we would be repaid when they sell the house. They asked us to stop sending money this month because the loan is getting too big. My sister told me we won’t get paid back because after my mom sells it, she will need the money to live on. What should we do?
Asked on June 4, 2012 under Bankruptcy Law, Oregon
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
A loan is essentially a contract--the borrower agrees to repay the loan (with or without interest, depending on its terms) in exchange for being given money, either directly or through the lender making payments on the borrower's behalf. Like any contract, it is enforceable; however, to enforce it, if the borrower does not voluntarily honor her obligations, you would have to sue. So you may be able to sue your mother for the money, but that would be the only way to get it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.