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i have a hand written agreement for some money I loaned a friend . In the agreement the friend put her property up as collateral for the $11,000.00 . Since the loan the friend has turned on me and I haven’t been paid the first dollar back . What do I do now ?

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16 minutes ago, Kburnzy said:

I haven’t been paid the first dollar back

 

Assuming that this means that your friend the borrower is in breach of the loan terms, you could file a lawsuit against the borrower to claim the amount you are owed.

Engaging a lawyer to assist in this effort might be worthwhile.

You could also try to engage a collections firm to do the work for you, although you'd have to pay the firm for its services (which might be in the form of a substantial percentage of the recovery).

 

How to foreclose on and sell the collateral is likely to be a little more complicated and beyond the scope of this message board to advise you on. What is required to do that will depend on the laws and court rules in your state (which you didn't identify). If you want to pursue this option for getting paid, I'd suggest you consult with a lawyer in your area who can advise you on how to go about doing that.

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40 minutes ago, Kburnzy said:

In the agreement the friend put her property up as collateral for the $11,000.00 .

 

Please explain exactly what this means.  Please quote the exact language in the agreement by which the former "friend put her property up as collateral."  Please change or omit any names.  If the collateral is real property, please do not include the address, but please describe the property sufficiently that we know what sort of property it is.  Please also identify your state of residence and that of your former friend (if different).  Does the agreement contain a provision that it is governed by a particular state's laws?  If so, what state?  Finally, please explain what you did, if anything, to perfect your interest in the collateral (e.g., filing/recording a deed of trust or mortgage or a UCC-1 financing statement).

 

 

40 minutes ago, Kburnzy said:

What do I do now ?

 

I have a hard time believing you didn't know that you could sue your former friend.  Whether you have any recourse beyond that will depend on your responses to my inquiries above.

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