Legal Question in Banking Law in Texas

I barrowed money 10yrs ago right after high school to start a business. I have been paying every month until a few moths ago when I just could not aford the payments anymore. When I started the load I had no caladeral and the banker told me they needed something on paper, so I had a few old car titles that I used and told them that there were no cars for the titles and they said it was fine. Now they are wanting to repo the cars and I donn't have any. What can I do

Asked on 6/30/10, 7:25 pm

1 Answer from Attorneys

Mark Dunn Mark D. Dunn

Number one: Stop talking to them. Don't take any phone calls; if they call you, tell them to write you a letter - give them an address - and hang up. Don't let them keep you on the phone. You want everything to be in writing.

Believe me, they have "forgotten" that you told them there were no cars behind the car titles you gave them. They may try to come after you for fraud.

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Answered on 7/01/10, 5:47 am

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