Does my friend have any options??

Does my friend have any options??

A friend received a settlement….He then loaned a friend $25,000.00 to pay off a loan- to avoid paying extra costs, etc. The agreement was made to pay back money towards the loan. Now my friend is homeless…broke and needs money. He asked the guy to get a loan on his home that he helped him pay off and pay back only $20,000 of what he owes to him…So he can get a place himself. The guy won’t do it.

Traffic Lawyer Richard Simon’s Answer

Hiring an an attorney is the best option, but your friends lack of funds would be an impediment. It is too large for small claims court. Might be best to try to sell the loan to a debt collector.

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