I Have A Financial Problem and need Help?
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In short, I owned a business and borrowed $60,000 on an unsecured loan. I went out of business last year and was able to sell out to pay many of the outstanding debts, except for this $60,000. The bank is cracking down on me and I want to settle this debt ASAP. The options I've been considering are... [1] I have some timber that I can get about 15-20 thousand for to help, [2] I can sell some property to raise enough to pay the debt, but I really don't want to do that because I own about 20 acres and it is part of my estate, [3] Work out a payment plan with the bank using property as collateral, but I can't afford another high payment.
What advise can you offer on this subject. I greatly appreciate it.
I Have A Financial Problem and need Help?sell the timber...
pay off as much of the debt as you can..
your position sucks.. the last thing ou will want to do is sell the land unless you really dont want the land anyhow..
live cheaper.. seriously you would be amazed at how much cash a person can save in a short time if they put their head to it.. eat soup.. I saved to buy a house while making only minimum wage...
here is a link that might help you.
http://www.gomestic.com/Personal-Finance...
I Have A Financial Problem and need Help?If you don't want to sell the property, can you borrow against it at a reasonable rate? Or try and ask the bank for a settlement and pay them a lower amount.
I Have A Financial Problem and need Help?Option 3
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