isthatso:



what a fool!! how can you give bank documents for your house to take a loan for a 3rd party? How can your wife be supportive?

My advice to you is 1) go to the bank and find out how much is owed, I'm sure it is at least 6m by now with penalties. 2) start seizing any of his assets you can get hold of.

I doubt if he has any tangible asset, if not he would have used them as collateral to secure the loan

iHart:
You are in deep shit. Start preparing to build a new house. The one you live in, will most likely not be your own again

it hasn't got to that extent but the op will be prepared to pay up any remaining balance to free his house,this is plain silly mistake on the op part he knows that his cousins lifestyle very well and went ahead to guarantee such person with his house documents,a person that is financing his business with loan guaranteed by someone else house and he has the peace of mind to do party and enjoy fried rice, chicken and cold beer,do you know that such person can never be wealthy in life if he uses loan money for parties,wealth is not created that way,it's complete waste of money trying to live like the Benjamin's, imagine a poor man trading with borrowed money remembering to do birthday party,in some cases if the wife is prudent she cannot allow such wastage and extravagant displays but in this case the wife will be the one suggesting the fastest way to spend the money.i pity the poor man he is financial doomed and has a non thinking partner as wife.

I see change in status ...from land Lord to tenant such will not be your portion in Jesus name.
That bro you gave money to is likely not to pay. He seems flamboyant ! Yes the biiz is very good but his life style is very bad.
Try and pressure him to pay more than half of the money also be ready to pay the rest.
I pray the God of Oyedepo will help you amen.

Bro you may have to use force because right now that bro is looking for another person to borrow from.

This looks like africa magic movie script! I cant believe some1 can be so stupid to release his house document for a 3m naira loan. Your cousin seems to be diabolical and successfully hypnotized u. Cos i dont bliv some1 in his right senses would do dis... are u serious with what u said!!!!

sir,if you love yourself prepare how to pay back d loan ,hmmmm..I av very similar experience two years ago with a friend which cost me one of my cars (Isuzu trooper jeep)and I pay close to #3m back to advance Lafayette mfb when d bank wanted to seize my house,fish&poultry farm e.t.c.I sold some of my properties and relocated to ijebu ode because my working capital for fish farm and poultry are gone,thank God I still have my landed properties back but very painful & I really cried but my tears couldn't do anything. I invited police into d matter ,they told me it was true upon investigation but we don't sign any agreement paper. I WILL NEVER TRY SUCH AGAIN.

Guy not even my blood brother from same father , infact even my mama, I no go try am, this one go show you say no brother in this life o, your house document? Na jaruma the guy jaruma you? That talk and gree strong o . shu you dey forbid loan? Abi you no need your own business again? Shit abeg stop this attitude this year o

wwwkaycom:
I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

You have killed yourself oh.....Seriously you really make a big mistake which I think can still be rectified before getting outta hand.....

wwwkaycom:
I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

Money have no feeling or emotion

Money have no relationship nor family ties.

This is why you must not do any financial transactions with sentiments or emotion.

Now you're here...

From his antecedents, he lacks the discipline, integrity, commitment, and responsibility to pay his debt.

Sad news, your house will go if you don't salvage it.

That's exactly what you endorsed when you signed those papers.

Go and source for funds

Clear the debt, then get him arrested and recover your money.

No need for family meeting and plenty discussion, except it will bring your money back to you.


Sorry, but it doesn't count.

Go and fix this.

You will thank me later

emmanuelewumi:



I doubt if he has any tangible asset, if not he would have used them as collateral to secure the loan

Some pple are very crafty. They wld play on the intelligence of foolish pple like his cousin he knew his cousin is daft and he used that opportunity.

noble71:

Boss to be honest with you, you are in a big shit, how can you make such a mistake? you need to get a lawyer now before he squanders those cash. mark this comment today, the banks will come for your properties if you don't terminate this contract now.

Nothing to terminate bros
He indemnified his cousin and not just an ordinary guarantor, so therefore it means that the. Bank has the legal backing to sell that house to recover their money if the guy eventually could not pay back.

All he need do now is pray he pays back else the. Bank will surely liquidate that asset.
Omg op is indeed gullible
I can't give my. Blood brothers my house document for a loan
I can't even give my selfs my own house document for a loan
That's a stupid and silly thing to do

wwwkaycom:
I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

This is problem

Wait let me hear from father mbaka to know how it's gonna pan out

AwkaetitiBabe:
Some people got heart o. Did this Op discuss with his wife before making such a silly decision? I doubt. See when it comes to money, fear human beings.

You'll lose that house and they won't b perturbed.

The wife advised him not to do it, but since blood is thicker than water, and women only try to destroy family ties in their husband's family, he decided to ignore her concerns

My candid advice now, is follow your head. Based on the present info u'v uncovered, i blv u shud do d urgent needful by withdrawing ur interest, possibly using ur lawyer to save urself of d looming embarrassment.

Your cousine has a big character deficit problem.

May God help bro!!!

wwwkaycom:
I gave my house documents to my cousin to take a bank loan of 3 million naira but I like to retrieve my documents back because of the way he and his wife have been doing things since October, 2019.

He is involved in sales of agrochemicals. He discussed with me on how profitable the business is but that he didn't really have money to put into it.

The wife lost her job in the bank and had to join him in the business. Being a close cousin and friend of mine, I gave out my house documents to him as collateral and the bank actually came to do some inspection in my house and I signed some documents.

The big issue now is that my cousin have not paid a dime back since August last year when he got the loan and between then and now he has done 3 parties that I'm sure gulped lots of money. The wedding of his younger sister in October, wedding of his brother in law in December and 40th birthday of his wife in January. These were serious lavish parties which I think could be done modestly.

I asked him on Monday about the loan and he said his moratorium will expire in February and there's no cause for alarm. This is different from what he told me before I released my documents, he said he will have gone far in repayment even before the expiration of moratorium. I reminded him about this but he said there is no problem about his ability to pay back since the business is lucrative.

I also discovered that one of our uncles actually borrowed him 2 million naira in 2017 which he hasn't paid back till now, he hasn't paid a dime back, I didn't do due diligence before releasing my documents to him.

Uncle told me yesterday that he would have discouraged me from giving out my documents if I had informed him before the loan was granted. Uncle also told me that he disagreed with him about his clubbing and partying lifestyles as a struggling businessman but that instead of appreciating his concern, he and his wife fought him and boasted his 2 million naira will be paid back before mid 2018 but till today he hasn't paid a dime. Hope I haven't shot myself in the leg with this help which I think I rendered to a friend and family?

The worst part of it is that my wife was not fully in support of my intention to help him then.

Where do I start from good people?

He promised to start paying by January ending, if he fail to do this, is it possible to break that bond and retrieve my documents from the bank? Can I tell him and the bank that I'm no longer interested in guaranteeing the loan? I'm afraid, kindly help.

Witchersunited:
Sell the house, give the bank the 3million, use to balance to rearrange your life and learn from this.

That's illegal, besides which documents will he use to sell it? The house documents are in the bank's possession now.

wwwkaycom:
The things I'm reading here terrifies me. I just called his elder brother who knows about the loan and how I assisted him. He said I should calm down, that he will first ask him if he has started paying and then tactically advise him to start paying as from January ending as he promised. He also advised that I shouldn't fight him.

Stop this naivety!

Get a lawyer involved now.

The lawyer writes to him threatening him with prosecution for criminal breach of trust.

The letter from the lawyer will be admissible as an evidence against him in the forthcoming foreclosure battle in court.

You better save money for legal charges for the impending roforofo...

You are in deep kasala dude, so wake up and stop deluding yourself before your house is sold by the bank.

A stitch in time....

@ wwwkaycom

You can not use the same mindset that got you into the mess to solve the problem, so the first step to solving this problem is to radically alter your mindset henceforth, it is the first step.

How to alter your mindset:

1. Your cousin, is no longer a cousin right now. You are business partners and your hard asset is what was collateralized to monetize the business partnership.

2. Since your hard asset is the source of the capital, then the business is naturally yours but not legally yours until you sign a Partnership deal, if I were you, a take over contract of the business will ensue if it is being mismanaged as long as your house is the collateral.

So, what must you do, was your question:

You will be very successful in this, and will be easily done, if you decide henceforth, that the gentleman in question is not your cousin but a business partner - in which case, you need to draft a partnership agreement assuming majority ownership of the business, at least 51%.

You can be cunning, it is allowed, do not allow him know your next steps, simply say that you want to prepare for eventuality by sourcing for more funds outside so the bank will not take your house in the event of default. The saving grace is that the moratorium has not expired, which means there is no late payment, so you are still safe.

Play this trick now, and it works all the time. Tell him to sign the partnership agreement and ensure there is a Terms Sheet detailing ROI, Maturity Period, Exit Strategy etc; should be standard partnership. Inform him that you have a senior mentor who insist on seeing a signed Agreement before he can be ready to loan you money if there is an event trigger like a default on his part. Use any means necessary, even if it means arranging with someone to pose as the Benefactor, whatever you wanna call it.

Once the mothtterfuccker signs that Contract, then give him grace period of a month and then request to see the business turnover and balance sheet to be certain of the financial health of the business. If you notice any infractions which could lead to a loan default, then trigger a takeover.

Yes, take over the operational management of the business and wage a full scale legal war with a case in court. This is to ensure that once the case is in court, there will be an injunction persuading the bank from taking over your house forcefully.

If you can not handle this as described, then you let me know, so I can introduce you to the dark world of Loan Sharks, who are ready to give you the 3M if the business is worth 3M times 5 = 15M. We will arrange for you to default in paying us after saving your house, then the Debt Collectors will hijack that business including all other things he has got in life from him.

Life is a beautiful game. You dont become a billionaire by being stupid. You were stupid, I believe now you'd become wise.

Get a good lawyer, make the case open.. if he defaults paying you, use legal means to confiscate his goods and get Ur money back.


Thank me later.

Ah! Me I can’t make that kind of mistake o, no be say na you even use the money sef. Pele .

quickly call a good friend who can quickly get you a loan to offset the bank loan so you don't lose the house, then get a lawyer to help get what you can from the wicked cousin

madridguy:
You don enta one chance

i think you should start preaparing to build another house.hope you have available land.on ground.rubbish.?

Just pray he develops a conscience or else ur a _ goner

chukwugoziegi:
You released your house documents for someone to use it and borrow loan from the BANK!
WOW!

as in ehn, the thing shock me !!

not even my blood siblings can make me do such a thing no matter what excuse you gimme talkless of a cousin. phew!

pipu get mind O.

faithfull18:
Hmmn.

one question what is it with yorubas and parties?

Lol.

3 parties = 3 million naira.

Are you thinking what I'm thinking?

Dude, your house is gone.

Start packing small small. You wouldn't want the bank to throw your properties in the street.

iTell you man.

emmanuelewumi:



I doubt if he has any tangible asset, if not he would have used them as collateral to secure the loan

he may have assets that the bank will not accept but are disposable like a car

To start with,what is the term of payment agreement? Did you not read the agreement before you pencil ink? Whiche bank lend him ? Go to the bank to inquire about loan payment? You supposed.You can as well begin to make move..I have a similar issue at hand..mine is 20m..

family wahala

MondayOsunbor:


[s]
one question what is it with yorubas and parties?[/s]

Dumb question.

You don't do parties in your own family.

wwwkaycom:
Honestly I had no fear as such until I heard from uncle yesterday. Uncle is buoyant, he is a businessman/contractor and can afford to part with 2 million, this he told me himself yesterday since he wouldn't want to use force to get his money from him but can I afford to part with a house I laboured hard to build for close to 8 years as a government worker? No!

You should not have done that in any way at all, under any circumstances, all you have to do now is pray earnestly that God touches his heart to pay that money or you will become a tenant again and it will affect your relationship with your wife. Better still start sourcing for funds as plan b to clear the debt just incase he defaults, as it stands, the bank has nothing to lose, he has nothing to lose but you, you have everything to loose. Whatever made you do that is serious, but start looking for the money asap

I hope you don't lose your house though.
Can you mention a single help this said cousin has done for you in the past to earn your house document for collateral.

Vortex369:
@ wwwkaycom

You can not use the same mindset that got you into the mess to solve the problem, so the first step to solving this problem is to radically alter your mindset henceforth, it is the first step.

How to alter your mindset:

1. Your cousin, is no longer a cousin right now. You are business partners and your hard asset is what was collateralized to monetize the business partnership.

2. Since your hard asset is the source of the capital, then the business is naturally yours but not legally yours until you sign a Partnership deal, if I were you, a take over contract of the business will ensue if it is being mismanaged as long as your house is the collateral.

So, what must you do, was your question:

You will be very successful in this, and will be easily done, if you decide henceforth, that the gentleman in question is not your cousin but a business partner - in which case, you need to draft a partnership agreement assuming majority ownership of the business, at least 51%.

You can be cunning, it is allowed, do not allow him know your next steps, simply say that you want to prepare for eventuality by sourcing for more funds outside so the bank will not take your house in the event of default. The saving grace is that the moratorium has not expired, which means there is no late payment, so you are still safe.

Play this trick now, and it works all the time. Tell him to sign the partnership agreement and ensure there is a Terms Sheet detailing ROI, Maturity Period, Exit Strategy etc; should be standard partnership. Inform him that you have a senior mentor who insist on seeing a signed Agreement before he can be ready to loan you money if there is an event trigger like a default on his part. Use any means necessary, even if it means arranging with someone to pose as the Benefactor, whatever you wanna call it.

Once the mothtterfuccker signs that Contract, then give him grace period of a month and then request to see the business turnover and balance sheet to be certain of the financial health of the business. If you notice any infractions which could lead to a loan default, then trigger a takeover.

Yes, take over the operational management of the business and wage a full scale legal war with a case in court. This is to ensure that once the case is in court, there will be an injunction persuading the bank from taking over your house forcefully.

If you can not handle this as described, then you let me know, so I can introduce you to the dark world of Loan Sharks, who are ready to give you the 3M if the business is worth 3M times 5 = 15M. We will arrange for you to default in paying us after saving your house, then the Debt Collectors will hijack that business including all other things he has got in life from him.

Life is a beautiful game. You dont become a billionaire by being stupid. You were stupid, I believe now you'd become wise.

chief i will love to get to know you sir?