Promises made in Notes
By: Steven Baum
Steven J Baum PC
Let’s take an example where your friend comes to you and wants to borrow some money. You agree but are not sure how to memorialize this event. Do you need to have it in writing? Not really. Your friend said to you, “thanks for the money, I will repay you by the end of next month.”
Good enough, you think to yourself. Would Steven Baum attorney had given you this advice? Even though a New York foreclosure lawyer could do so, maybe you didn’t want to pay a lawyer and you went about it yourself.
The end of next month come, and it goes. While you see your friend all the time, he doesn’t have your money. Finally, three months go by and you muster the courage to ask him. His response is quite simple “Oh you said it was a gift and I didn’t have to repay you.” You are fuming. The friendship ends and you decide to take your friend to court.
In court, the judge asks your side of the story and you tell him. The judge seems to believe you and you are now confident you are going to win. But then your friend tells his side of the story-it was just a gift and there was never an expectation to repay the money. The judge sides with the friend and you walk away dejected.
What went wrong you think to yourself? It’s actually a pretty easy answer. You didn’t get the promise to repay in writing. Had you done that, the evidence would have been far more clear and most likely you would have convinced the judge the money was owed to you. Had you hired the Law Firm of Steven J Baum and perhaps even had spoken to Steven Baum attorney, the advice would have been to get it in writing. After all, an experienced foreclosure attorney would have known this. Actually, a top rated local foreclosure attorney as well or even a New York best foreclosure lawyer too. In the end maybe you should have secured legal counsel.
Promises made in notes are clear. The person getting the money promises to repay it to the person lending it. That is the crux of all notes. Whether you have the foreclosure law firm of Steven J Baum PC or a best mortgage foreclosure attorney the advice would have been the same. Even a commercial foreclosure lawyer would have this promise put in writing.
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