Debts and Credit

All parties described herein are California residents and all of the following transaction occurred in California.On April 25, 2006, I lent a substantial sum of money to an individual (the 'borrower') with whom I've done business for many years. On the same date, the borrower executed a promissory note in which he agreed to repay the amount in 60 equal payments over five years at 15% interest per annum. This note was secured by a second deed of trust on real property owned by the borrower.On March 19, 2007, borrower defaulted on the payment of the aforesaid debt, and has not made any payment since that date.Due to the economic downturn, the borrower has lost all of his assets and is essentially 'judgment proof' at this time. There is a four-year statute of limitations on actions on a promissory note as described above under Section 337 of the California Code of Civil Procedure (the 'Code'). I believe the limitations period began to run on the date of default (although I have read one editorial explanation that the limitations period began on the date the note was executed). My question: Given the fact that an action to enforce the terms of the aforesaid note and recover the balance of the debt owed to me would, at this time, be futile, how best can I assure that a future action to do so does not become time-barred under the statute of limitations?The aforesaid loan was a recourse loan and, because I did not seek to foreclose on the second trust deed or otherwise seek to enforce my security interest, said loan was not transformed into a non-recourse loan under Section 580(b) of the Code. The borrower has agreed to execute another promissory note for the balance at this time.

One of my husband's school loans was in forebarence. I called in Oct to find out when we needed to set up new payment plan. The man said to call at the beginning of the year. Before I called in Jan, the loan had been turned into a collection agency who is threatening to garnish his wages. I don't have the man's name that I spoke with. They want us to take out a loan against our house to cover the $7500 in interest. Are there any other options available? How do we go about taking out a loan? We don't have any savings or ability to borrow from family. We truly appreciate any help or advice.

In California, do I have any recourse if an ex-spouse decides to renege on a Promissory Note that was issued for unpaid community interest and is secured by the property we once owned jointly? Specifically, I'm in a 3rd position behind two mortgages. Does the fact that my Promissory Note was approved by a judge (unlike the two mortgages in front of me) allow me to seek a judgment to go after other possible sources of cash such as a 401K, IRA or wages?

Does a judgement filed by the Circuit Court of Maryland take priority over a line of credit given to the owner of property by a bank? Situation: Home has no mortgage is assessed a $130,000 by county. Has a line of credit for $100,000 which has been used to limit. Therefore only $30,000 equity remains. I need to use property as collateral for a bond of $75,000. If the Circuit Court judgement is priority over the line of credit then it can be used as collateral if it does not take priority then property cannot be used. I am trying to get my partner out of jail if the priority is there please quote or email me the basis for this priority.

My wife just got a summons and complaint from a furniture retailer. The purchase was in 2002 and the balance is $3800.00. We are retired and on a fixed income. We could not come to payment arrangements with the retailer. What are our options?