Borrower won't pay!

[Guest]

We made a private one-year loan of $50,000 to individual in 2008 through a broker. The loan is secured. Borrower has sporadically paid (interest only) every couple of months, but we want to recoup the principal we loaned in 2008. He has given all sorts of "reasons" he can't pay. What are our options???

 

[army judge]

We made a private one-year loan of $50,000 to individual in 2008 through a broker. The loan is secured. Borrower has sporadically paid (interest only) every couple of months, but we want to recoup the principal we loaned in 2008. He has given all sorts of "reasons" he can't pay. What are our options???

You might want to see a lawyer.
If he won't pay, you can probably call the note, due to his poor payment history.
Have the lawyer explain it to you.
Eventually you'll probably have to sue on the note, and attempt to have the security seized to satisfy the loan.

See a lawyer, ASAP. In the meantime reacquaint yourself with Theban documents. Take them with you when you see the lawyer. In most cases, if you win, your lawyer can seek payment from the deadbeat. Good luck.