helpmeifucan
New Member
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Joined: 13 Nov 2006
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| i need a loan quick! |
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Is there any way i can get a $15,000 with bad credit, no money in the bank, $7500 in debt, $1500 a month income, and have almost $100,000 in assets. (Doublewide on 3.5 acres.. all paid off). One problem is that the doublewide is not on a foundation so it is not considered a "house". I just want to pay off all my bills, put a foundation under the house, and start anew but no bank or lending company will loan me any money. Any suggestions?
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Mon Nov 13, 2006 5:13 am |
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apatrizio
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Joined: 19 Oct 2006
Location: New Jersey
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| Re: i need a loan quick! |
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quote:
Originally posted by helpmeifucan
Is there any way i can get a $15,000 with bad credit, no money in the bank, $7500 in debt, $1500 a month income, and have almost $100,000 in assets. (Doublewide on 3.5 acres.. all paid off). One problem is that the doublewide is not on a foundation so it is not considered a "house". I just want to pay off all my bills, put a foundation under the house, and start anew but no bank or lending company will loan me any money. Any suggestions?
i doubt thats going to happen at all.... you cant expect a bank to lend you $ if you have a bad history of paying people back. Its a shame....but its true....and it sucks because no one is ever able to get ahead...if its that serious file BK
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Mon Nov 13, 2006 1:22 pm |
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helpmeifucan
New Member
Cash: $ 1.05
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It's not that I don't pay them back... I've paid back every loan I have ever had, but because of diff. situtations, I have been late.
What happens if I file bk? Do I lose everything? If I am less then $10,000 in debt with $100,000 in assets, is it worth filing?
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Mon Nov 13, 2006 2:13 pm |
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helpmeifucan
New Member
Cash: $ 1.05
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quote:
Originally posted by coaster
I'm not at all familiar with the new personal bankruptcy law. You sure find a lot of crap when you google "bankruptcy" but here are a couple sites that looked like they had useful information that might answer your questions:
http://www.bankruptcyinformation.com/
http://www.bankruptcyhome.com/personalbankruptcy.htm
Thanks for ur help. I talked to several "financial advisors" and their suggestion is to liquidate my property. Don't think so... My other option is to rob my IRA so... I just think its a farce when there are people out there who can default on millions but still capable of borrowing more. Wheres the justice? Heres a lowly chump who wants to borrow a tenth of what I own, putting my house and home in jeopardy if I don't pay, and can't get a damn dime. Anybody have any suggestions on what bank to rob? 
just kidding
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Tue Nov 14, 2006 3:33 am |
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rockhound
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Location: West Virginia
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| Can you wait? |
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If you can wait to put the foundation in, you could work with your current income to pay off the existing $7,500 in debt. That would demonstrate to lenders that you are a better risk, especially if you keep the payments on time, and also it is likely to improve your credit score.
Try this: Draw up a list of your monthly paychecks, and your monthly expenses, including everything. Any money you have left over after paying bills is money that could be paying off the $7,500 debt. Simply put (without knowing the interest rate, if any, or term of the loan, if any), divide $7,500 by the amount of money you have left over each month, and that is the number of months it would take to pay it off (without taking into account interest added each month, etc.). That will at least give you a goal to work toward. If you continued to follow that strategy, you might even save enough money that you wouldn't need as much of a loan to put in your foundation, you might have saved enough cash.
Otherwise, what you heard elsewhere is probably right: you'd have to put your home and property up as collateral.
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Fri Nov 17, 2006 12:08 am |
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guarantee
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Location: UK
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| xxxx |
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[spam deleted]
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Fri Jul 06, 2007 9:00 am |
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dstern
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Joined: 18 Aug 2007
Location: UK
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| Re: i need a loan quick! |
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quote:
Originally posted by apatrizio
i doubt thats going to happen at all.... you cant expect a bank to lend you $ if you have a bad history of paying people back. Its a shame....but its true....and it sucks because no one is ever able to get ahead...if its that serious file BK
Some would if he puts his assets down as collateral.
but the better option is to pay down the debt abit and wait for the credit rating to recover considerably..
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Sun Sep 02, 2007 7:06 pm |
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