QUESTION
how to put a lien on someone's property who owe you money .
Asked on Sep 21st, 2020 on Civil Litigation - California
More details to this question:
i loan this man money to help his business over a year ago the loan was short term at 2500 a month for three months , and 100 dollars a day for any late day until paid in full . the money he received from me was 30.000 dollars at the end of three months he would return to me my 30.000 back plus 7500 that's 2500 a month total of $ 37,500 dollars at the end of three months . as of today he has not paid the loan back the amount he owes me today is over $65,000 dollars i have a self made contract that he signed explaining all of the above statement
1 ANSWER
There are some situations where a lien is automatically creaeted by statute, but yours does not appear to be one of them. Nor do you say anything about your contract providing for a lien. Absent that, you can't obtain a lien until you obtain a judgment, i.e. sue and win. In this case you may have a problem, because $7,500 interest for 3 months on a $30,000 loan is 100% interest annually, which is usurious. I don't know whether California law provides that charging usurious interest rates means that you forfeit the entire loan, or just the interest, but I think you would be wise to consult a California attorney about your situation..
Answered on Sep 22nd, 2020 at 7:53 AM