What is the name of your state (only U.S. law)? Maryland
Hi all,
My problem is with a LLC property company and the owner who I thought was a friend. Anyway I have done quite a few deals investing with him from $1k, $10k, $20k, and the largest $68k. All previous deals were paid back, interest always paid.
Well as the housing market sunk he got into a property where he took a loss on.
During the deal of the $68k which has been about 2 or so years now in agreement he has paid me $647 /mo for interest on the borrowed amount. Every month.
In February of this year he stopped paying me. He is avoiding any calls or e-mails from me. I'm wondering if he has just given up on trying to pay interest or re-paying the borrowed amount.
Is small claims the way to go? Where do I start?
I am now having to pay the interest on the money I borrowed personally and its not easy with no payment coming from the LLC / Owner.
Appreciate any help.
Thanks!
Hi all,
My problem is with a LLC property company and the owner who I thought was a friend. Anyway I have done quite a few deals investing with him from $1k, $10k, $20k, and the largest $68k. All previous deals were paid back, interest always paid.
Well as the housing market sunk he got into a property where he took a loss on.
During the deal of the $68k which has been about 2 or so years now in agreement he has paid me $647 /mo for interest on the borrowed amount. Every month.
In February of this year he stopped paying me. He is avoiding any calls or e-mails from me. I'm wondering if he has just given up on trying to pay interest or re-paying the borrowed amount.
Is small claims the way to go? Where do I start?
I am now having to pay the interest on the money I borrowed personally and its not easy with no payment coming from the LLC / Owner.
Appreciate any help.
Thanks!