Legal Question in Credit and Debt Law in New York
I loaned my daoughter $27,000 to purchase a foreclosure home in 2006. She assured me it would ony be a few months until her other home sold, which had no mortgage. I had to borrow the money against my home in the form of an equity account which was interest only until 2010. I empathized I could not pay the interest on my income. 2010 came and I eventually had to sell as she still had not paid the loan and I could not afford the higher payment that was required at that point.(She had been making the interest charge up to that point,but not without prompting). Since I sold the home she has not paid anything and will not answer my calls. Also she lost the original home to tax deliquiency, several years ago,and never gave me the option of paying the taxes to possibly sell for my return. Do I have any options, I have may emails and receipts to prove it was a loan.
2 Answer from Attorneys
It depends when this occurred in 2006 and when she stopped making payments. The statute of limitations on breach of contract cases is six years so you may have to act quickly.
Please let me know if you would like to have a telephone consultation to discuss your legal options.
Best,
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