How can I demand my loan? He has been broken.

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

If I loaned to someone, but because he loss in business or defaults on the loan or has transferred the ownership without informing me, whether i can apply a acceleration to demand him compensate the entire debt to me?
But, becauseof his loss in business, i think he has had no money or property.
How can I demand my loan? He has been broken.

livinginnky · Posted: Sat Sep 15, 2007 10:14 pm Post subject:

Call an attorney. If you had loaned someone money but now they aren't paying that is your only option.

But like you said if he has no money what can you get.

Maybe you could be a little more clear on what you are asking?

Did you give a private mortgage?

Did you transfer ownership to him?

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

Hi, livinginnky, i'm studying knowledge about mortgage. this is just my query. He take the mortgage from me, a private mortgage. of cause, we have signed contract. Due to default in monthly payments and transferred the ownership without informing me. SO, I demanded the entire debt.
Yes, I will call an attorney. though I am sure Iwill win the lawsuit, but he was broken and the guaranty has been transfered. whether he will go into the jail? and can I get the guaranty that has been transfered to anyone else? thanks livinginnky.

livinginnky · Posted: Sun Sep 16, 2007 9:07 pm Post subject:

Ok someone who has a mortgage shouldn't/doesn't have the right to transfer the property. So even if it did happen it would not be a valid contract and your existing ownership would remain intact. There would of course have to be legal proceedings to deal with all existing agreements.

In a typical situation if you gave a private mortgage you would give the buyer the right to OCCUPY the property until the mortgage was paid off. At which time they would TAKE FULL OWNERSHIP.

They call these types of agreements different things in different areas and depending on local laws can vary. They are known as land contract, lease to own, rent to buy, lease to buy, etc.

And if the agreement includes a mortgage from the owner, the owner should not transfer full ownership until the mortgage is satisfied.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Liaoyu,

Only if you have an acceleration clause on your mortgage note, then you can get full right to demand the payments of the outstanding balance of the loan.

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

thanks for your help.

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