dominique:
Big mistake! You don't know Nigerians are the worst sets of debtors in the world. Sorry but you're about to lose your property. It's only if your cousin has conscience that he would repay the loan so you don't lose the property

asatemple:
You are scammed. The way people pay back good deeds surprise me

Wify02:
If he refuses to pay back the loan before due date, go and sell the property. Give 3mil to the bank and start another project with the bal. On no account must u allow the bank confisticate ur property less u loose everything. Good luck

icon02:
This is very pathetic as I don't think there was any legal agreement between you and him before the document was released.

The best thing is to keep persuading him subtly to pay up. Pls and pls don't fight him. If you do, you'll be at the losing end.

I am currently bearing the cost of one of such where I had to gurantee a friend and he defaulted intentionally.

Witchersunited:
He can explain to the buyer, the buyer gives him upfront with signed agreement, he pays the bank, gets the documents back, give the buyer and collect the balance, I don't think it's illegal, all the bank cares about is getting their money back.

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

dalass:


Get your parents, his parents involved. Thank God he's your cousin... Use family ties, family meeting to arm-twist him to pay without fight...

Or else, the handwriting on the wall says your house dey go small small!

wwwkaycom:
r

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!

Sweeetheart:
I don't believe this story sorry


I can't even give my own blood my property for loan. there is nothing bad in helping one relative but giving out property for loan for that person is totally absurd no offence though


like someone said above, you better be looking for 3m down because when bank will start to threatened you, no one will be here to safe you


you really messed up big time even if the cousin had a clean record, I can't give out my property documents, this is not assistance, it's stupidity and foolishness

McCobble:
get a very good lawyer to exploit loopholes on the loan agreement ( but i doubt if their will be any). Get him on tape and get him arrested before too late. extract a written commitments from him to transfer the ownership of its business to you if he default in loan repayment. DO IT WITH ZERO EMOTION OH!

lalasticlala:
People use sweet mouth to borrow but when it's time to pay back they will now see you as their enemy.....

He won't pay that money back and you will be held responsible.

sojfarm:
Ask your lawyer to formally invite him, your uncle and the bank for a meeting.

a. As a major party to the transaction ask questions about the current situation of things on the business

b. Tell the bank to mandate your cousin to send monthly cash flows of the business to the bank and you. This will enable you to have knowledge of how the business is doing and his capacity repay in due course of time.

c. If he refuses to this term arrangement, tell your lawyer to review the terms on which you gave your property as collateral. The essence of this is to see (in case you want to withdrawal asset) if the bank will first consider the assets (stock, cash, etc) of the business before coming for your property.

d. If C above is possible and your cousin still does not agree to your terms, mandate your lawyer to engage the bank for possible withdrawal of your asset and the bank should consider liquidation of your cousin business to recover their money.

Your lawyer needs to be very firm on this engagement. Anything is possible.

On this approach you may need to step on toes, but make sure your interest is well taken care of.

d.

PHIPEX:
He may surprise you and pay on time otherwise, take your time and meet the bank. I advice you meet the bank now to pre-inform them of your suspicions and your cousin's life style. They will pay special attention to him very early and mitigate whatever he may be planning

If he defaults, Always make yourself available to the bank, if you do they may delay confiscation till a better solution is found.

I believe you wouldn't lose your house but whatever happens, don't fight the bank. Meet the manager one on one. If you aid their recovery process, your house might be saved, they are humans too.

healthserve:



See you. Someone I housed for 8 years had me arrested last week when I said I didn't want her in my house anymore. This is someone eating 4 or 5 times daily for 8 years



I helped a lady repair a vehicle got a driver for the car to have him deliver 30k weekly so she could have chips to feed the family, after I turned down her request to continue being her tool to fix all her brokeness she had me arrested told police I came into her life to dupe here because she was once a rich woman and I taught I could dupe her cause she's a woman.
Karma will always catch up with them

Dem full everywhere

Yankee101:
Proverbs 6:1-3 New International Version (NIV)
Warnings Against Folly
6 My son, if you have put up security for your neighbor,
if you have shaken hands in pledge for a stranger,
2 you have been trapped by what you said,
ensnared by the words of your mouth.
3 So do this, my son, to free yourself,
since you have fallen into your neighbor’s hands:
Go—to the point of exhaustion—[a]
and give your neighbor no rest!

sirusX:


He could have signed a document stating payment of loan would be made on a specific date, else the collateral would be retrieved. This said document should then have been presented to the bank upon guaranteeing the loan

healthserve:
My fear is this. Everyone is shouting since. One thing here is bothering me. What if the dude borrowed more money I. E 10 million and not 3million?

TruthSpeaker:

It wouldn’t have happen because the property of the crying dude used as colateral is not worth 10 million naira and beside common sense would have told him it was a stupid thing to do.

Wify02:
If he refuses to pay back the loan before due date, go and sell the property. Give 3mil to the bank and start another project with the bal. On no account must u allow the bank confisticate ur property less u loose everything. Good luck

2buffagain:


I wouldn't even ask someone to do that for me. Not because "they won't", but because I don't want that kind of pressure.
Whatever it is I wanted to do with the money, there must be another way.

TruthSpeaker:


You think the bank is stupid? They will only return the document after they receive their money in full. Whatever happens between the cousins is non of their business, even if they both die fighting each other. That is the reason why they demanded for a colateral just in case you can’t meet up with the conditions of repayment.