Posted by River City on March 14, 2006 at 10:50:13:
Do you have a written agreement on the loan of monies to him? Have you served him with any kind of written notice? Hopefully you have done this? Is your agreement with him secured by any property?
Most mortgage companies would frown upon his borrowing money from you to advance money to him. Anytime anyone says “let’s keep it between us” should raise a VERY big red flag.
You probably need to consult an attorney.
loan agent borrowed fund monies - Posted by barbara
Posted by barbara on March 13, 2006 at 13:17:56:
A “friend”, working in a mortgage specialist firm solicited to secure a new refinance on my home-, to replace another companies refi agreement already in place. This done to help me out…-but, upon funding, he borrowed (a personal loan) some monies,- to be paid back within the month. This repayment has not happened, & is 8+ months overdue. He is martyred, first apologetic, but now resentful when I ask for the money. Is there any statute that protects the client from the agent here? It seems there must be a reason he insists on this “loan” being a private transaction “just between us” -over & over, when I contact him?! HELP!