QUESTION
What can my sister do regarding a breach of contract?
Asked on Sep 13th, 2013 on Foreclosures - California
More details to this question:
I am asking on behalf of my sister. This matter relates to a personal loan she made to a couple. This was done through a lawyer. It is a promissory note for $20,000 dollars. They agreed the couple to pay for legal fees plus interest $2,000.00 which was payable in three years. This contract was drawn up last year the total would come out to $23,000.00 dollars. They have put up for collateral their home a lien their business they are now seven months behind and refuse to pay. In the contract, it states it states if they refuse to pay on time and my sister has to start foreclosure on them they agreed to pay for all legal costs. So far nothing even her attorney who drew up the contract and it is registered with the state as a private loan. I want my sister to get another attorney. I feel her attorney is too lenient with the couple. Does she have any legal recourse or are there any attorneys out there who will take the case and agree to be paid after every thing has been seized? Thank You.
2 ANSWERS
There are attorneys who will take a case like this on a contingency. Typically 30 to 40 percent of the debt.
Answered on Sep 20th, 2013 at 2:58 AM
1 Award
While some attorneys will agree to handle cases on a contingency basis for 30-40% of the total amount recovered, it is highly unlikely that you will find one to do so in this context where the chances of recovering the money may be questionable. Most attorneys will only handle a case like this on an hourly basis, typically anywhere from $200 -$400 per hour. Depending on how hard the borrowers choose to fight, it could cost your sister several thousand dollars to pursue this.
Answered on Sep 19th, 2013 at 5:20 PM