A friend is losing their home,how could you legally lend them money?

I don%26#039;t want this friend going down the drain.I have made it a point in my life not to lend money,but to give an amount I could stand to lose.However,for this friend , a mere few hundred is not going to cut it.What would you do??

A friend is losing their home,how could you legally lend them money?honda finance

Stay out of it, if they can%26#039;t pay for the mortgage, they won%26#039;t be able to pay you back either.

Be a friend to your friend, but stay friends by not lending money.

A friend is losing their home,how could you legally lend them money?

loan

If you really feel the need to lend and are sure they will pay back. Write up a promissary note stating the amount to be borrowed and the terms that they will be paid back under. Have all parties involved sign. Keep the original in a safe place and give a copy to the borrower. Also keep all records of payment amounts, dates received, check numbers etc.

Worst case if they stiff you the detailed records you have kept (promissary note and receipts etc.) will stand up in any civil court.|||If you can afford to lose this money (every last penny of it) and if you do it won%26#039;t ruin your friendship and you really care about this person, go ahead. But write up a contract anyway.|||I personally would work with them, and NOT GIVE THEM A LOAN. I will buy the house from them by doing what is called a short sale with the bank. They will be more or less saved from the drain, and they will have the opportunity to get a new place to live. And you can still in good conscious be a good friend.

If you would like this to happen, either you or they can get in contact with me.|||wow you are a good friend!!