HELGALOANS
Junior Member
What is the name of your state (only U.S. law)? CA
Hello!
Heres my story:
I own a residential property (live w/family)=I was the only one with good credit.
TITLE HOLDS: My mom and I (Im the only one on the loan)
My dad has a commerical property (Mechanic shop)
TITLE HOLDS: My dad and I (Hes the only one on the 1st lien SBA loan, and Im the only one on the 2nd lien which is the hard money loan)
My family got in some big personal debt a few years back. At that time we had equity in the home. The house was worth 990k. So we were going to refi the house cash out then clean up all the debt.
BUT instead we decided to get a hard money loan against my dads commerical property temporarly so I could pay off my credits cards so my credit would be higher so when we did refi the home we would be at a lower interest rate.
UNFORTUANLY..we got stuck !!!..because by the time our broker decided to move his behind the market dropped and our house value went down to 550k.
Now we are at a point were we cannot pay anymore AT ALL. We are falling behind and not having a life.(Like not even $10.00 in our pockets)
SO NOW..IVE DECIDED TO DO A BK..BECAUSE IM SICK OF SEEING MY WHOLE FAMILY DEPRESSED, STRESSED OUT, AND BROKE. I WAS WONDERING IF I CAN INCLUDE THE HARD MONEY IN MY BK- BECAUSE THAT IS THE MAIN PROBLEM OF OUR FINANCIAL HARDSHIP.
Residential monthly payment= 3.5k
Credit cards/bills/cars/etc=2.5k
Hard money loan=3k= which is INTEREST ONLY-balance never goes down.
WHAT CAN WE DOOO ??? PLEASE HELPP??
Hello!
Heres my story:
I own a residential property (live w/family)=I was the only one with good credit.
TITLE HOLDS: My mom and I (Im the only one on the loan)
My dad has a commerical property (Mechanic shop)
TITLE HOLDS: My dad and I (Hes the only one on the 1st lien SBA loan, and Im the only one on the 2nd lien which is the hard money loan)
My family got in some big personal debt a few years back. At that time we had equity in the home. The house was worth 990k. So we were going to refi the house cash out then clean up all the debt.
BUT instead we decided to get a hard money loan against my dads commerical property temporarly so I could pay off my credits cards so my credit would be higher so when we did refi the home we would be at a lower interest rate.
UNFORTUANLY..we got stuck !!!..because by the time our broker decided to move his behind the market dropped and our house value went down to 550k.
Now we are at a point were we cannot pay anymore AT ALL. We are falling behind and not having a life.(Like not even $10.00 in our pockets)
SO NOW..IVE DECIDED TO DO A BK..BECAUSE IM SICK OF SEEING MY WHOLE FAMILY DEPRESSED, STRESSED OUT, AND BROKE. I WAS WONDERING IF I CAN INCLUDE THE HARD MONEY IN MY BK- BECAUSE THAT IS THE MAIN PROBLEM OF OUR FINANCIAL HARDSHIP.
Residential monthly payment= 3.5k
Credit cards/bills/cars/etc=2.5k
Hard money loan=3k= which is INTEREST ONLY-balance never goes down.
WHAT CAN WE DOOO ??? PLEASE HELPP??