I Loaned money to my uncle to payoff his dump truck, but he has stopped paying for the last 10 months what can I do?

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I Loaned money to my uncle to payoff his dump truck, but he has stopped paying for the last 10 months what can I do?

I have a signed promissory note and security agreement that explains the amount of the loan and payments required. I also went to the motor vehicle and placed myself as the lien holder on the title. He isn’t paying, the dump truck is currently inoperable due to engine trouble, and he has loaned out other parts off the truck. The original loan amount was 32K with $800 payments and he has only made a made approximately 12 payments in 29 months of the agreement. Even if I repo it, current condition the value considerably less than the amount owed. What can I do?

Asked on May 28, 2009 under Business Law, Maryland

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you do it the right way, you should be able to repossess the truck, sell it at auction for whatever it will bring, then sue your uncle to get a judgment for whatever is the unpaid balance plus your expenses.

You have a $20K+ debt here, so it is worth doing this the right way. Take all the paperwork to a good commercial lawyer in your area, and let him or her take it from there.  One place to find a qualified attorney is our website, http://attorneypages.com

I would expect, with this much to be collected, you should be able to find an attorney to work with you on the fee.


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