I loaned my neighbor six thousand dollars seven months ago to keep her house out of foreclosure ,she and her husband both work,she was to pay five hundred a month starting in September,I have not received any money!and when I see her she acts distant!I I need to put the money back in my savings,I have a copy of he cashiers check also her endorsement on the back?She does not know I got this copy from the bank. Should I text her and tell her I need my money, can I take her to court if she refuses what are my I chances in recovering the money?
Answer
You can sue your neighbor for failure to pay back the loan in court. Since it is only $6,000.00 you can sue in the civil division of your local municipal court (such courts have jurisdiction up to $15,000.00). If you get a court decision in your favor, then you can start collection procedures against the person who owes you the money. These include garnishing wages or bank accounts, placing liens on certain types of property, and holding judgment debtor exams so that you can examine the debtor's asset picture.
The problem with all of this is that if the debtor does not have money, you won't be able to collect anything. There is no debtor's prison anymore, and if things get too onerous for the debtor, he or she need only declare bankruptcy, list you as a creditor, and you will get paid pennies on the dollar if you are paid anything at all.
I find it is best never to loan money to anyone unless you want them out of your life.
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