How do I set up a personal loan to avoid eviction?

Asked almost 5 years ago - Silver Spring, MD

I recently moved from Pennsylvania to Maryland. I had one month left on my apartment's lease, which I prepaid. I just recieved notice that in the month that I was gone, NONE of the other roommates paid rent so now the landlord wants to submit the outstanding debt to the magistrate. I can't afford to have an eviction on my record. How can I set up a loan so that my roommates can repay me the amount we owe on the lease? How can I make sure that it is enforceable if I take them to small claims court if they don't pay as agreed? And how can I make sure that the document is legal in both of our states (MD and PA) or does it only have to be legal in one? Any help would be greatly appreciated.

Attorney answers (1)

  1. John Edward Reid

    Contributor Level 7

    Answered . As a Maryland lawyer, I cannot comment on Pennsylvania Law. However, most written contracts will be enforceable, as long as the terms are legal. In a situation like this, a contract and promissory note signed by the individuals involved could work. The note should contain the essential terms such as the amount of the loan, the interest rate, and the terms of repayment (when installments are due and when the note is due and payable). The note would most likely be unsecured by any collateral, so the issue is whether or not you'd be likely to collect the debt if the contract is breached. Be sure to seek the advice of a competent lawyer to ensure what you are doing is enforceable and/or collectible.

    DISCLAIMER:
    The answer provided above is for general informational purposes only and is not intended to create and attorney-client relationship. Please seek the advice of competent counsel licensed to practice in the appropriate jurisdiction if you so desire.

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