Borrower won't return funds or calls

This is a discussion on Borrower won't return funds or calls within the Business and Financial Law Questions forums, part of the Legal Questions & Answers Forum category; I lent a sum of money, not an earthshattering amount, but more than Small Claims, to a company that provides private loans for real estate transactions. I signed a 6 ...

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    Borrower won't return funds or calls

    I lent a sum of money, not an earthshattering amount, but more than Small Claims, to a company that provides private loans for real estate transactions.
    I signed a 6 month contract with the owner detailing monthly interest payments, and after the first 2 months, did not receive any more payments. After the 6 months, I left voice mails and emails asking him to return my funds, along with interest and penalties owed. He won't call back or return the funds, after another 6 months have passed. Is court my best recourse now, is litigation a possibility, and what kind of lawyer would I want. I don't know exactly what law category this falls under. I assume his company has assets and income as they are still in business. How hard would it be to collect if i get a judgement?

    This is in Ohio. Just wondering what I should expect if I follow thru with this. Thank you very much for your time.

    Last edited by crabman; 05-24-2012 at 04:11 PM.

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    Litigation may be your only option if this individual refuses to pay you back. If you have a judgment, you can have a lawyer (or do it yourself) levy his bank accounts, or hire a debt collector to go after this money. In order to get the judgment, you will need to sue this individual. If you want to use a lawyer, you can try searching for general practioners, or lawyers who are also debt collectors.
    Legal Disclaimer: Answers to questions on this forum are for informational and educational purposes only and do not constitute Legal Advice. No attorney-client relationship is established through this forum.

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    Thanks for your reply, Admin. When I interview a lawyer, should I ask if he/she would rather negotiate or sue? Are u
    saying I should lean to one who does or does not want to sue? If I negotiate, would that normally mean I would accept
    less than the full amt he owes? Thanks again for your help!

    I just now realized that I was using the term 'litigation' when I meant 'negotiation'. I have edited
    my post. Sorry for the confusion!
    Last edited by crabman; 05-27-2012 at 06:36 PM.


 

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