#FinancialAdvice #FamilyIssues #LegalAdvice #Indiana #HelpNeeded
Hey everyone! 👋 So here’s the deal – I gave my mom $35k a couple of years ago with the understanding that she would pay me back within 6 months. However, she hasn’t kept up her end of the bargain and I’m still out of my hard-earned money. 😞
Here’s a quick breakdown of the situation:
– I received a settlement for $50k from a dog bite incident, but only got $33k early due to my mom’s promise of buying a triplex together.
– She claimed to have the title to the property but ended up selling it to someone else without my knowledge.
– I never made her sign a contract (big mistake, I know), but she hasn’t paid me back anything in the past 2 years.
I really could use that money now, and I know she has $80k paid off on her house. Does anyone have any advice on how I can go about getting my money back? I appreciate any help or insights you can provide. 🙏
Possible Solution:
– Consider seeking legal advice to understand your options and potentially recover your money through legal means.
– Have a candid conversation with your mom about repayment and try to come to a mutual agreement, perhaps in writing this time to avoid any misunderstandings in the future.
Any other tips or suggestions would be greatly appreciated! Let’s help each other out in navigating through these tough situations. 💡
At this point you need to at least consult with a lawyer. She hoodwinked you; to what end I don’t know but you don’t just lose $33k on a real estate purchase because it sold to someone else. This is beyond small claims territory and the only way you can reasonably expect to start seeing some of that money back is a judgement in court. Which once a lawyer is involved for court may not even be worth it.
Your mother is, at best, not telling you the full truth about this triplex. It’s also likely that she never had any plan to purchase it, or that the triplex doesn’t exist at all.
Unfortunately, this is beyond small claims. As someone who does not practice in Indiana, I’m seeing detrimental reliance on her oral promise, as evidenced by you taking a 17k hit. But it’s still a long shot. You can make a final attempt to collect: send a demand via certified mail stating that if X isn’t received by DATE, you will be forced to litigate. Obviously, I’m not getting into how this will impact your family relationships.
Whatever you choose, *please* visit your library and ask about free financial literacy classes and other resources. (Do not pay some YouTuber or influencer for “insider” education). If these resources don’t exist in your area, *please* pay a recommended financial advisor for an hour of time.
To get your money back, you’ll need to speak to a lawyer about filing a lawsuit against your mother. Even if you do win the lawsuit, it’ll be a long road actually getting that money back (and possibly end in her losing her house to reimburse you). Any text communications you have about this will be helpful to have on hand.
Separately, it is extremely unlikely that you would triple $33K in two years. You will not be able to receive the money you think you could have made, just what you gave her.
The fact you did this is absolutely nuts. Just handed all that cash over with no guarantee. The money is gone. What proof do you have that it was an investment with her, not a gift. I’m sorry, man, I really am. But your mom has your money, and the fight to get it back is not looking good.
Wonder if your mom got escrow scammed. Does she have a history of being shady?
Okay, NAL. Your opening statement..”I GAVE my mom $35k and she is refusing to pay me back…”
NAL
Without any contract or poof of the verbal agreement, it may be in your best interests to get that established while you are still on friendly terms, which will change quickly when you start making demands. Indiana is a 1 party consent state, allowing you to record someone over the phone without their permission.
As others noted, contact a lawyer for a consultation as they can provide you with specifics that you must get your mother to validate/admit when you record her, to in order to establish your case. Follow their advice, but don’t forget to talk to the lawyer about costs and contingency, likelyhood of judgement, as well as the likelihood of actually collecting. Some people are judgment proof because they have no assets or income, making it a waste of time and money to pursue.
I’m wondering if this falls under fraud and if the AG could help on the criminal aspect of what she did? It might apply enough pressure on her to refund some of the money (do not accept checks – wire transfer only).
Talk about a hard life lesson. Never blindly hand over money to anyone- no one. Zero people. You don’t just “lose” money when someone else buys a property you were in line to buy. That makes no sense- she’s been lying from day 1- do you have anything in writing? Email or text? Verbal means basically nothing in court unless you recorded it.
Yeah court instructed settlements cannot be taken out early. Also they are normally put in a CD or Savings where the principal is guaranteed. So not sure how you were able to take it out early and received 15k less. Also since all your money was going to purchase a burnt down triplex who was going to pay for remodeling? At most your money would have been a down payment. Consider talking to a lawyer about your options and see if you would want to litigate against your mother
My best advice is in the future when anyone asks you for money, do not lend what you are not prepared to never see again. I don’t feel very confident you will see this 35K again.
Think you’d have better chances of another dog attacking you then getting that money back
You pretty much have 3 options.
1) sit your mother down for a very intense discussion about what happened to the money and how she’ll repay you… don’t leave without some kind of agreement written and signed by both of you.
2) accept that you’ll never see the money again and chalk it up to lesson learned.
3) get a lawyer and likely sue your mother (if she has any kind of collateral like a house or collectibles could avoid a lengthy case if you’re willing to use them as payment and she’s willing to part with them)