Case study John and Laura had purchased their first home for $600,000. They approached the bank for

Case study

Transcribed Image Text:

John and Laura had purchased their first home for $600,000. They approached the bank for a mortgage they required a down payment. Two friends Larry and Kerry came forward and offered to lend them the verbal agreement to pay it back over five years. John and Laura made their mortgage payments but but did not pay Larry and Kerry who had made num asking that the money be repaid. After 2 years of non-payment they again approached John and Laura or even a payment schedule. John and Laura ignored their requests. Larry and Kerry were unsure what to do. The last thing they wanted was a lengthy, costly lawsuit. What would suggest Larry and Kerry do and why? 20 20 John and Laura had purchased their first home for $600,000. They approached the bank for a mortgage they required a down payment. Two friends Larry and Kerry came forward and offered to lend them the verbal agreement to pay it back over five years. John and Laura made their mortgage payments but but did not pay Larry and Kerry who had made num asking that the money be repaid. After 2 years of non-payment they again approached John and Laura or even a payment schedule. John and Laura ignored their requests. Larry and Kerry were unsure what to do. The last thing they wanted was a lengthy, costly lawsuit. What would suggest Larry and Kerry do and why? 20 20

Answer rating: 100% (QA)

Larry and Kerry should take proactive steps to address the situation with John and Laura Heres what they could consider 1 Formalize the Agreement Whil... View the full answer