Better involve the police now. Get them to value his assets. Whatever you can salvage from there, please take. You have been kind and it has been abused. Show them you got some balls. Fight for what you laboured for and disgrace him in the family.

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.

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.

Seriously? The BEST thing for you now is to allow your cousin BE, PAY back the loan to the bank or you may END UP losing your property and life or BOTH.

pay the BANK and count it as LOSE

obakovich:

Go to the police station and lay a complain of threat to life. I see him killing you before February

Nah! What's the motive? The family member doesn't owe him money. He owe the bank. If he try to kill him as you think, does that free him from repaying the bank loan.

Hmmmm bank don't know you , I pray bank will not Auction your house If he defaults.

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

With which document??

omokoginimi:
You have no clue what you’ve got yourself into

Cousin e ti mu e ni handicap


As in ehn, no be small ‘wow’

O gbe ni handicap straight.

Sorry man. That's so bad. Not sure there's much you can do (except maybe have a serious talk with him in the presence of a respected elder relative and pray ).

He doesn't give a damn about you or your welfare as you must have figured out by now.

If you manage to not lose your home, don't make that useless mistake next time, not even for your own brother.

Ramanto:
I think the agreement is best dissolved before the expiration of the term. Try and get a lawyer and disengage yourself from the contract. Since your cousin is still alive, they should do whatever they want to him

The agreement cannot be dissolved as long as the loan is not repaid in full!

ajl:
People giving their property documents to another individual to use as collateral for a bank loan happens often. And it's also common that debtors refuse to pay back the loan leading banks to pursue foreclosure of the bank through a court of law. Likewise, the 2nd party that own the property often head to the court to file a claim against the bank to release the document. I have run into cases like this.

You are probably one of the parties to the agreement with the bank. The best option you have now to prevent the bank from foreclosing or garnishing your property is for you to repay the loan plus interest. The other option is for you to get a lawyer to look for loopholes in the agreement, which I doubt there would be any because banks are pretty smart in covering their "asses". More so, 2nd option will cost you money as you have to pay the lawyer. Additionally if you loose, you may have to pay damages to the bank aside from the loan and (20% - 25%) interest. This damages is often the defendants (i.e. bank) legal cost.

If the loan amount is truly N3 million, I will advise that you look for the money to repay yourself because you are like a guarantor for the loan.

For some reasons, I think the loan is more than N3 million because what reasonable individual use a house of higher value as collateral for a mere N3 million loan. Doesn't make sense.

An example of such court case is attached where an individual is challenging the bank claim to such property.

This is a free professional advice. Try and offset the loan to stop the interest rate from catching up with the value of your house. In business you must learn to cut your losses.

After paying back the loan, you can sue him for your loss, or recover as much as possible from his assets.

crafteck:
People on this forum don't want to tell you the plain truth, I don't know why they are beating around the Bush, with all due respect sir, you are very stupid.

Now that you've told him that he's stupid, has that changed anything?

Just move on if you can't proffer solutions. We've all made mistakes in life.

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!

U are a very stupid man
U laboured 8yrs
U gave it all out in 1sec
Like what did he use to talk to u wey u no get sense

A fool and his money must part ways

Richest man in Babylon
U are finished
U better start servicing the loan
Or the bank will take ur house
And I only pity that good wife u have
Left for me
Let her divorce ur sorry ass

SITUATION
1. You already guaranteed the loan and cannot back out now
2. From all indications, your cousin is;
i: (most probably) not in any position (unwilling and wilfully-unable) to repay the loan
ii: not under any pressure to repay the loan. For all he cares, the loan has already been paid for with your house or your subsequent effort to redeem your house.
3. You are in deep shit:
i: U mortgaged your house without the knowledge of your spouse. This is worsened by the fact that it is blowing up in your face
ii: You have no hold over your cousin whatsoever and he couldn't care less
iii: The only way to manage the bank is to ensure the money is repaid as scheduled.

SUGGESTIONS
Pray for divine guidance!
1. Monitor your cousin to ensure he makes good the repayment commitment as scheduled.
2. Get a lawyer immediately to review the every paper you signed and help advise on possible remedial actions
3. Start planning for your response/actions in the event of worst-case occurrence.
i: identify your cousin's property with an immediate market value should push turn to shoves - Car(s), land etc
ii: If you have to take responsibility for the loan, how do you intend to meet the repayment? (May become necessary to save your house)
4. Find a way to 'hint' your wife about what transpired
5. Pray that your fears may never turn to reality on this issue

Carry him please. You know what I mean.

Start looking for 3m to retrieve your documents now

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.

Wait for his first payment and if he doesn't pay,go to the bank and pay the first 2 to 3 payment.
Get a better police and some boys,put on your street smartness,invade his shop and warehouse impound all the goods in it,sell it off even at reduce Prices to recover some cost which will give you enough money to pay part of the loan.that will buy you time to look for the balance.
No do gentleman for here ooo

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.

by far the best comment on this thread, so much wisdom, I will like to be your friend

Bruv you have been Scammed! Very sad.

There was one guy on Nairaland the borrowed money from a loan shark. You need to reach out to him to help you find him. He will help you collect your debt else he will give the person poo and wash it down with Lacasera till the person coughs up the money.

wirinet:


This is the best advice so far. Get a lawyer and sue your cousin for all his assets including the company. I just hope there is actually a company he is using to do business. Since you did not enter into a formal agreement on what happens if he defaults, it might complicate issues.

You also need to liase with the bank to know exactly how much is owed and the interest rate. It might be better to sell the property to offset the debt and make use of the balance. I am sure your house is worth more than N3 million. This still doesn't stop you from suing for the balance.

Technically, he can't sell the property on his own to repay the loan. Except if he negotiate with the bank to sell on his behalf and then the bank recover their part of the money plus interest and will leave the remaining for him. I really don't trust Nigerian banks. They will wish that nothing goes back to him.

Bye bye house

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.

I'm sorry to say this...you dont deserve to own that property...and it shows you did not work hard to acquire it.

You gave your house document to anyone without doing proper due diligence..you dumb bros.

Go and sit down with lawyer and appeal to dpo of the police station in your area to retrieve it or visit the bank to know more info about the loan before it's too late.

payperpost:


what Juju? he said his cousin drinks and love night life, he must be a bad guy, he will just arrange for him to be shot and make it look like accident, OP there is 3 bedroom for rent o,

chai on top person property..

It done happened to me. Gave a nephew start up capital (cash money) to open a 2nd franchise restaurant and I done kissed that money goodbye.
Said nephew has since had all manner of wahala in his life. Lost his first restaurant, drug use, divorce, jail, etc.
Today I hardly speak to my sister (her son) and her husband/my brother in law.
We live and we learn, even when blood family is involved.

I will never not even loan such amount to a brother or family member talk less to use my house as collateral for someone not even myself.

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 cant retrieve the Document again until the loan is fully paid. Especially when the loan has been disbursed, the property has been perfected to be the bank's property. If he continues to default the bank will have no option that to call in the property and then sell it.
All you need to do is to start servicing the loan yourself so that you can get your Document back.

Shibaraba:
Borrow only what you can afford to give.....

Adedeji..... 1999....200k move to UK. Chingbain till date
Eroms..... 2004....School fees with tears.... Chingbain
Rolake... That one I foolish. My mama jewelry. Box and all..... Rolake Don go
Ikenna. My favorite shirt and jeans plus car. Returned car. Shirt and jeans I no see
David... 2012....bank colleague.... 200k for wedding.... Chingbain.
Chukwudi... Business partner.... 2014...500k.....came back to meet him shelling stories.
All these gave me experience to deal with MMM.
Last money for my life I invest am. I cash out big time. Very big. Saw the signs and vamoosed.
Not counting the "guy how far quickly borrow me 20k there ". Those ones too plenty.

When you broke na those same borrow me borrow me go first yab you. Them go tell you say you no get sense. Besides when I need help no one lends me. So what's the point. These na lesson to all those out there. Borrow only what you can give out.

Your money Don go. Go pay the bank.
Or go the nearest Celestial church of Christ
He go pay the next morning.
Pele

lolxxxxx hahahaha I swear guy u no well ooooo. See as laff wan kee me here. U say na cele go mekam pay sharpsharp? I give up on u guy

No cause for alarm for now. If he refuses to start paying after his Grace period expires, then you may have to be really tough on him. Presenting your house docs means you guarantee the loan. Unfortunately, it's too late to break out now. Make sure you are monitoring his payments so that the bank won't suddenly render you homeless. Some bank loan officials are wicked o. Some stupid loan agreements we sign in Nigeria even allow banks to acquire loan collateral if one has just one payment to pay off. You know most of us don't read those agreements thoroughly. There's a recent viral video of a woman who said she has paid 23.5m out 25m Naira loan collected by her late husband, but the bank still went ahead to sell the house.

An average Nigerian will never take loan from the bank, and use his house as collateral. Talk of allowing your cousin use your house as collateral.. WOW

I never thought this was possible until today.. Like, really?

That your cousin must have sweet mouth no be lie..

You seems like these nice guys people often take advantage of.

With all due respect sir, you f*cked up.. You should have listened to your wife..

Next time listen to your wife.

Wetin i go tell u be say
If God commot u for this Kain hole wey u wan enter

If u no learn from this experience,nothing else will

According to Rule number 7 of the Ten Crack Commandments by Notorious BIG

Keep your family and business completely separated
Money and blood don't mix like 2 dicks and no bitch
Find yourself in serious shit

This holds true for everything..

Say good bye to your property or your family ties. You will surely lose one at best or both!

ajl:


Technically, he can't sell the property on his own to repay the loan. Except if he negotiate with the bank to sell on his behalf and then the bank recover their part of the money plus interest and will leave the remaining for him. I really don't trust Nigerian banks. They will wish that nothing goes back to him.

You are right. Banks are like criminal organizations.
One other suggestions is to borrow the money from their rich uncle who gave him N2 million without it affecting him much. He could borrow the 3 million + interest and then work out repayment terms with the uncle.