Consumer Law, Warranties Unpaid loan

[william50]

I loaned a friend $2,000 .I then had the borrower sign a paper that stated the amount and the due date.I also had a witness sign.The due date has passed and the borrower has no money and lost their job.But the borrower does own a home which I believe is payed for.
Can I put a lien on the borrowers home? What is the statue of limitations on a lien and or loan? What steps do I take in attaching a lien on their home?

 

[army judge]

I loaned a friend $2,000 .I then had the borrower sign a paper that stated the amount and the due date.I also had a witness sign.The due date has passed and the borrower has no money and lost their job.But the borrower does own a home which I believe is payed for.
Can I put a lien on the borrowers home? What is the statue of limitations on a lien and or loan? What steps do I take in attaching a lien on their home?

In order to put a lien against someone's home, you have to sue them first.

You obtain a judgment from a court, and then attach the lien if your lawsuit is successful.


You do know that a lien won't get you your money back, right?

Neither will placing a lien against their home.

But, if you want to attach a lien to someone's home, that is how you do it.

 

[william50]

If I was to successfully attach a lien on their home, is it true that I would then get my money?And how much time do I have to do so?

 

[army judge]

If I was to successfully attach a lien on their home, is it true that I would then get my money?And how much time do I have to do so?

If you placed a lien against a home, you'd ONLY get paid when (and IF) the home was sold.

Until that happens, the lien just clouds the deed.

You get paid when you get the sheriff to levy against certain tangible assets of the other person.

Those assets could be wages, a bank account, an automobile (they own outright), etc..

Once the sheriff seizes the assets, they have to auction them.

You get your judgment from the sale of the asset.

The only way you get cash, is when you attach a bank account or their wages.

In some sates, you can't attach wages, their home, their car, etc...

In your state, CA, you can.

Bottom line, judgments don't mean you get paid.

Judgments are pieces of paper, most often not even worth the paper on which they're printed.

Obtaining those judgments aren't free, either.

You pay up front for the lawsuit, service, levies, etc...

You are forced to expend more funds to get the money you are owed.

The real world is far different than Judge Judy, Judge Mathis and the other tv law shows.