Box asked:
I will try to make this short, it is complicated. We own 2 commerical buildings, and our home. We have been trying to pay down credit cards for 4 years now with Consumer Credit Counselors. Well economy is terrible, lost my job, and have taken a huge pay cut at my new one. We just quit paying on 3 of our 6 cards, so our credit will be bad. We have never missed a mortgage payment of any kind ever. Our adjustable rate home equity just doubled in monthly payment, and we can only see doom. We have a lot of equity in our commercial buildings with an SBA loan, but would not like to touch that now, (with our credit we probably couldn’t). We are going under, and will not declare bankruptcy for many reasons, just can’t. How can we get our cash flow better with bad credit? Can we talk anyone into combining our two mortgages? (our first is fixed with a great rate). We need help fast! What can we do?
JOHNATHAN
I will try to make this short, it is complicated. We own 2 commerical buildings, and our home. We have been trying to pay down credit cards for 4 years now with Consumer Credit Counselors. Well economy is terrible, lost my job, and have taken a huge pay cut at my new one. We just quit paying on 3 of our 6 cards, so our credit will be bad. We have never missed a mortgage payment of any kind ever. Our adjustable rate home equity just doubled in monthly payment, and we can only see doom. We have a lot of equity in our commercial buildings with an SBA loan, but would not like to touch that now, (with our credit we probably couldn’t). We are going under, and will not declare bankruptcy for many reasons, just can’t. How can we get our cash flow better with bad credit? Can we talk anyone into combining our two mortgages? (our first is fixed with a great rate). We need help fast! What can we do?
JOHNATHAN
GIOVANNI
It sounds like your credit scores will be way to low to get a new loan with anyone, particularly a 2nd. You’re best bet is probably to contact the current servicer of your mortgage and ask to speak to the loss mitigation department. Explain to them the situation and see if they are willing to modify or combine your 2 loans. No lender that is not currently holding your loan will be willing to work with you at this point, sorry.
TIMOTHY
Contact a mortgage broker and explain your situation. They should be able to find the right plan for you.
LEE
Well as you are well aware your cash flow is income, like a dam that is filled by the stream of water “cash flow”, also you may have to sell some of your assets because they are not producing. It sounds simple.
Only the things that produce cash flow are the one you keep.
No?