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I have a $28,000 CD as collateral for a family member's

Customer Question
I have a $28,000...

I have a $28,000 CD as collateral for a family member's loan. He a quit his job and bank will not redo loan for him. Is there anything I can do to protect my money?

Lawyer's Assistant: Because employment law varies from place to place, can you tell me what state this is in?

Tennessee

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Don't think so

Submitted: 2 months ago.Category: Legal
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Answered in 14 minutes by:
12/14/2017
Lawyer: Law Educator, Esq., Attorney replied 2 months ago
Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,862
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

Unfortunately, if he defaults on that loan you can lose your money, so you would need to help him pay the loan to stop default and enter into a written contract with him that he will reimburse you whatever you pay toward this loan until he can get the loan paid off himself. You can make him give you some collateral, such as the title to his car and you can become a lienholder on the car by filing with DMV or some other property to secure the money he will owe you.

That is the only real option you have I am afraid.

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Customer reply replied 2 months ago
You said I could make him give some collateral, how do I make him. Can I file a lien with the DMV?
Lawyer: Law Educator, Esq., Attorney replied 2 months ago

Thank you for your reply.

You really cannot make him, since you agreed to back his loan. You can ask him and you can also negotiate a deal to make payments on the loan to prevent default IN EXCHANGE for him agreeing to give you a lien on his car and he would need to sign agreeing to that deal for you to file with DMV.

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