How to get repaid a loan?

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How to get repaid a loan?

We’ve been making my parents house payment for the last 6 years. We had an agreement that we would be repaid when they sell the house. They asked us to stop sending money this month because the loan is getting too big. My sister told me we won’t get paid back because after my mom sells it, she will need the money to live on. What should we do?

Asked on June 4, 2012 under Bankruptcy Law, Oregon

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

A loan is essentially a contract--the borrower agrees to repay the loan (with or without interest, depending on its terms) in exchange for being given money, either directly or through the lender  making payments on the borrower's behalf. Like any contract, it is enforceable; however, to enforce it, if the borrower does not voluntarily honor her obligations, you would have to sue. So you may be able to sue your mother for the money, but that would be the only way to get it.


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