What is the name of your state (only U.S. law)? California: I paid a retainer fee for a former friend on the promise they would pay it back after the sale of there house which is due for a settlement hearing in 2 weeks. Is there any way I can make sure that some of the money is allocated to the loan payment?
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Loan recovery
- Thread starter Andrew26
- Start date
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adjusterjack
Senior Member
You can ask your "former" friend to ask the escrow company to issue you a check out of the proceeds.
Good luck with that.
I'm afraid you will just have to wait until the sale closes and if you don't get paid by your "former" friend, you will have to sue your "former" friend for the money.
quincy
Senior Member
Was the "promise" to pay back the loan in writing or was this an oral agreement? What were the agreed upon terms of payment? How much was the loan?
Loan
It was 10 thousand and agreement terms were upon receiving the proceeds from the sale of the house from a marriage settlement. No consideration was involved as I was just trying to help a friend out. No time frame was given - but verbally it was stated 1-2 months tell the house is on the market. It's has been 3 months and it's still 2 weeks until the settlement happens.
It was 10 thousand and agreement terms were upon receiving the proceeds from the sale of the house from a marriage settlement. No consideration was involved as I was just trying to help a friend out. No time frame was given - but verbally it was stated 1-2 months tell the house is on the market. It's has been 3 months and it's still 2 weeks until the settlement happens.
adjusterjack
Senior Member
Oral agreements are just as enforceable as written agreements, just harder to prove the terms, but your text messages should help provide the evidence of the terms.
You're going to have to wait until the sale closes, then make a written demand for payment (CA requires that before you can sue), then sue if he doesn't pay.
Fortunately, the CA small claims limit is $10,000.
CA has a great self-help website if you need it:
http://www.courts.ca.gov/selfhelp-smallclaims.htm
You're going to have to wait until the sale closes, then make a written demand for payment (CA requires that before you can sue), then sue if he doesn't pay.
Fortunately, the CA small claims limit is $10,000.
CA has a great self-help website if you need it:
http://www.courts.ca.gov/selfhelp-smallclaims.htm
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