QUESTION

How can we ensure we get paid back after loaning money to our son?

Asked on Mar 11th, 2013 on Family Law - New Jersey
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We are loaning a large amount of money to our son to buy a house. How can we ensure we get paid back? My husband is co-signing for him as well.
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1 ANSWER

Alternative Dispute Resolution Attorney serving New Brunswick, NJ at Colby & Associates, LLC
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A promissory note with appropriate terms can help ensure that a loan, even between family members, is honored, both by the borrower, and by the courts. However, this will not ensure that your son repays the bank loan, so your husband will want to ensure that he understands the terms of the loan he is con-signing. This does not constitute legal advice and is given for informational purposes only. Before providing legal advice I would need to evaluate your situation more fully and research any additionally applicable law. If you would like to discuss your situation, please give my office a call to set up a free initial consultation. Colby & Associates, LLC73 Church StreetNew Brunswick, NJ 08901www.colbyandassociates.com732-609-3915
Answered on Mar 11th, 2013 at 8:12 PM

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