Can I get my $1000 back legally? - Posted by Russell (AR)

Posted by Russell (AR) on May 29, 2003 at 08:49:51:

I drove by the place they were staying last weekend and stopped in and found out they moved out about a week before. Oh well…they originally wanted $3500, but would only go for $1000. Thanks for the shoulder.

Russell

Can I get my $1000 back legally? - Posted by Russell (AR)

Posted by Russell (AR) on May 22, 2003 at 09:34:48:

This is not totally real estate related, but started out that way…

Someone recently called about one of my ads. After a little probing, I found out they needed a few bucks to make up their payments. Stupid me loaned them $1000 with the following stipulations in a promissory note:

They were to pay me $110 per month in the form of a money order and received by the 15th of each month beginning April 15, 2003. The last payment shall be due on the 15th of January 2004. If the payment if 5 days past due in any month, then there will be an additional $2.00 added per day for late fee. Also, if any 3 or the 10 payments are late, then payer forfeits collateral to me.

The collateral is a car title, which I have in my possession (not signed by the owner nor is a lien placed on the car through the title).

The first payment came and gone (April 15). I called them on April 20 to let them know that their payment was going to me late on Monday (April 21). Go figure their phone was disconnected. I wrote a certified letter with a copy of the promissory note telling them about the payment due, but that was returned. I did however get a letter from them on April 23 (from some address in Texas?I?m in Arkansas) stating that they have another job and how sorry they were for being late and was going to send the payment plus all late fees. Well May 15 has now come and gone and have not heard back from them. The main question is come June 15, I have legal rights to their car?what can I do? (assuming that I can even find them!!). Or should I just except the fact that I have learned a $1000 lesson and frame the car title to remind me of my ignorance?

Thanks for any help and for allowing me to vent.
Russell

Re: Can I get my $1000 back legally? - Posted by I.R.

Posted by I.R. on May 23, 2003 at 08:33:06:

Forget it (no, remember it for experience!) but move on. I got into one of these a few years back and got “stung” by a real con for $25k (Big Ouch), so you’re lucky it wasn’t more.

But it’s sure not worth your additional time and money chasing the bum, so don’t waste either on him.