I personally own 4 properties. Each of these are in my name. I have a private loan set up from a hard money lender on each of these properties. one of them is my main residence. The others are rented out. I use the money from the renters to pay the lender. He is a nice guy, and will let the loan ride out as long as I need to. I’ve been working with him for years. I’ve borrowed on each of these homes about half of their value. But through the years, the prices/equity has been cut down, so now there is probably only about 10K profit on each house.

On top of these 4 houses, I have 3 homes that are currently in my name as well, but I am working on remodeling/reselling. My dilemma is complex. I have two other business partners. My dad, and my husband. We’ve never had problems working together, its just we’ve run into problems in the finance dept. Currently, we have a business account for the three of us. We only have enough money for our business to run for one more month. Currently, our bills run about 9K a month. We’re waiting for a house to sell, its valued at 80 but we’re trying to take ANYTHING that will keep us going…so maybe around 60/etc….I dont even know exactly what we’ll take for it, or if it’ll even sell b/c of the economy. We’re trying to pull a loan on it instead to keep things going. But the problem with that, is that we have to use the money we’re going to pull on a loan to remodel another property (we’ll call property #2). We already pulled an 80K loan on property #2 for 80K but its coming in two draws. We spent the first draw on business expenses to keep the business running, and as soon as we spend 20K on the house #2 (its a big time fixer in the napa, ca vacation community) we can get the second draw of 40K, of which, we will have to spend maybe 30K on the house.

All and all, this is the worst case scenario we’ve ever been in. We even have a small rinky dink house #3 tied into the loan of house #2 to protect the investors. House #3 is only worth about 20K….thats why we didnt mind backing it against the other one.

On top of worrying if we’re going to have enough money to survive financially, once we get the napa vacation house (#2) on the market, we dont even know if it will sell at a low/fair market price. We just want to get rid of the house and get rid of the loan and hope to keep business going with the bills.

Also where it gets weird, and concerning the bankruptcy talk….there is an attorney who I owe some money to. At first he was kind, we got along great, and he saw a lot of potential in myself, the business that I do. A few years ago I was needing money so he lent me 20K at 80% interest. I knew that where I placed the money would help me to continue working, and would be worth it in the long run. It was….its just, I havent paid him back yet, so he’s already made about 20K off of the loan, and im continuing to pay him 1,200 per month of interest. He tacked on an old attorney bill from his other firm, but at one point he said he discounted it, but now he’s charging me again. All and all, and please, without judgement of me or him, nothing has been written on paper, and I know there is that saying that a verbal contract is as good as the paper its written on. So all an all. He’s screwing me in several ways. He practically ‘but kindly’ demands that I send several leads to him, to where he’ll make 50-100 on residential properties that are sent his way by ME.

The positions for goes as follows:
My dad has been in charge of the finances and working with the attorney.
My husband has been doing the computer work and finding leads
I have the bank account in my name, go to court, and use MY name on EVERYTHING. Everything that we do between the three of us is open for all 3 of us to see on paper. There is no money laundering or anything strange between us. We are all best friends.

I am just REALLY REALLY freaking stressed. Mainly because I am so young, and worry about my future. If I were to file bankruptcy couldnt I put the houses in a trust or my sisters name and bankrupty off the attorney? I know its ridiculous but we dont even know how much we owe him. It could be 50K or it could be 100K.

If the business fails, what precautions can I take before hand??? I may only have a month or two before it hits the fan….I was thinking of opening a second bank account at another bank, it case we go broke with the one, and get into check systems, at least i’d have another account, b/c once you go into it you cant open another account. Im so scared. And not that I want to make this a focal point of my storyline, but my dad has a 400K life insurance policy. He said that if something ‘happened to him’ and he died, we would get it. Im worried about our business, my ‘name’ in general, losing my family, my future….im stressed and need advice. On ANYTHING. Im young and fragile righ

Technorati Tags: big time, business account, business expenses, business partners, dad, dilemma, draws, economy, enough money, finance dept, hard money lender, investors, napa ca, nice guy, private loan, remodeling, rinky dink, vacation community, worst case scenario

I personally own 4 properties. Each of these are in my name. I have a private loan set up from a hard money lender on each of these properties. one of them is my main residence. The others are rented out. I use the money from the renters to pay the lender. He is a nice guy, and will let the loan ride out as long as I need to. I’ve been working with him for years. I’ve borrowed on each of these homes about half of their value. But through the years, the prices/equity has been cut down, so now there is probably only about 10K profit on each house.

On top of these 4 houses, I have 3 homes that are currently in my name as well, but I am working on remodeling/reselling. My dilemma is complex. I have two other business partners. My dad, and my husband. We’ve never had problems working together, its just we’ve run into problems in the finance dept. Currently, we have a business account for the three of us. We only have enough money for our business to run for one more month. Currently, our bills run about 9K a month. We’re waiting for a house to sell, its valued at 80 but we’re trying to take ANYTHING that will keep us going…so maybe around 60/etc….I dont even know exactly what we’ll take for it, or if it’ll even sell b/c of the economy. We’re trying to pull a loan on it instead to keep things going. But the problem with that, is that we have to use the money we’re going to pull on a loan to remodel another property (we’ll call property #2). We already pulled an 80K loan on property #2 for 80K but its coming in two draws. We spent the first draw on business expenses to keep the business running, and as soon as we spend 20K on the house #2 (its a big time fixer in the napa, ca vacation community) we can get the second draw of 40K, of which, we will have to spend maybe 30K on the house.

All and all, this is the worst case scenario we’ve ever been in. We even have a small rinky dink house #3 tied into the loan of house #2 to protect the investors. House #3 is only worth about 20K….thats why we didnt mind backing it against the other one.

On top of worrying if we’re going to have enough money to survive financially, once we get the napa vacation house (#2) on the market, we dont even know if it will sell at a low/fair market price. We just want to get rid of the house and get rid of the loan and hope to keep business going with the bills.

Also where it gets weird, and concerning the bankruptcy talk….there is an attorney who I owe some money to. At first he was kind, we got along great, and he saw a lot of potential in myself, the business that I do. A few years ago I was needing money so he lent me 20K at 80% interest. I knew that where I placed the money would help me to continue working, and would be worth it in the long run. It was….its just, I havent paid him back yet, so he’s already made about 20K off of the loan, and im continuing to pay him 1,200 per month of interest. He tacked on an old attorney bill from his other firm, but at one point he said he discounted it, but now he’s charging me again. All and all, and please, without judgement of me or him, nothing has been written on paper, and I know there is that saying that a verbal contract is as good as the paper its written on. So all an all. He’s screwing me in several ways. He practically ‘but kindly’ demands that I send several leads to him, to where he’ll make 50-100 on residential properties that are sent his way by ME.

The positions for goes as follows:
My dad has been in charge of the finances and working with the attorney.
My husband has been doing the computer work and finding leads
I have the bank account in my name, go to court, and use MY name on EVERYTHING. Everything that we do between the three of us is open for all 3 of us to see on paper. There is no money laundering or anything strange between us. We are all best friends.

I am just REALLY REALLY freaking stressed. Mainly because I am so young, and worry about my future. If I were to file bankruptcy couldnt I put the houses in a trust or my sisters name and bankrupty off the attorney? I know its ridiculous but we dont even know how much we owe him. It could be 50K or it could be 100K.

If the business fails, what precautions can I take before hand??? I may only have a month or two before it hits the fan….I was thinking of opening a second bank account at another bank, it case we go broke with the one, and get into check systems, at least i’d have another account, b/c once you go into it you cant open another account. Im so scared. And not that I want to make this a focal point of my storyline, but my dad has a 400K life insurance policy. He said that if something ‘happened to him’ and he died, we would get it. Im worried about our business, my ‘name’ in general, losing my family, my future….im stressed and need advice. On ANYTHING. Im young and fragile righ

Technorati Tags: big time, business account, business expenses, business partners, dad, dilemma, draws, economy, enough money, finance dept, hard money lender, investors, napa ca, nice guy, private loan, remodeling, rinky dink, vacation community, worst case scenario

I personally own 4 properties. Each of these are in my name. I have a private loan set up from a hard money lender on each of these properties. one of them is my main residence. The others are rented out. I use the money from the renters to pay the lender. He is a nice guy, and will let the loan ride out as long as I need to. I’ve been working with him for years. I’ve borrowed on each of these homes about half of their value. But through the years, the prices/equity has been cut down, so now there is probably only about 10K profit on each house.

On top of these 4 houses, I have 3 homes that are currently in my name as well, but I am working on remodeling/reselling. My dilemma is complex. I have two other business partners. My dad, and my husband. We’ve never had problems working together, its just we’ve run into problems in the finance dept. Currently, we have a business account for the three of us. We only have enough money for our business to run for one more month. Currently, our bills run about 9K a month. We’re waiting for a house to sell, its valued at 80 but we’re trying to take ANYTHING that will keep us going…so maybe around 60/etc….I dont even know exactly what we’ll take for it, or if it’ll even sell b/c of the economy. We’re trying to pull a loan on it instead to keep things going. But the problem with that, is that we have to use the money we’re going to pull on a loan to remodel another property (we’ll call property #2). We already pulled an 80K loan on property #2 for 80K but its coming in two draws. We spent the first draw on business expenses to keep the business running, and as soon as we spend 20K on the house #2 (its a big time fixer in the napa, ca vacation community) we can get the second draw of 40K, of which, we will have to spend maybe 30K on the house.

All and all, this is the worst case scenario we’ve ever been in. We even have a small rinky dink house #3 tied into the loan of house #2 to protect the investors. House #3 is only worth about 20K….thats why we didnt mind backing it against the other one.

On top of worrying if we’re going to have enough money to survive financially, once we get the napa vacation house (#2) on the market, we dont even know if it will sell at a low/fair market price. We just want to get rid of the house and get rid of the loan and hope to keep business going with the bills.

Also where it gets weird, and concerning the bankruptcy talk….there is an attorney who I owe some money to. At first he was kind, we got along great, and he saw a lot of potential in myself, the business that I do. A few years ago I was needing money so he lent me 20K at 80% interest. I knew that where I placed the money would help me to continue working, and would be worth it in the long run. It was….its just, I havent paid him back yet, so he’s already made about 20K off of the loan, and im continuing to pay him 1,200 per month of interest. He tacked on an old attorney bill from his other firm, but at one point he said he discounted it, but now he’s charging me again. All and all, and please, without judgement of me or him, nothing has been written on paper, and I know there is that saying that a verbal contract is as good as the paper its written on. So all an all. He’s screwing me in several ways. He practically ‘but kindly’ demands that I send several leads to him, to where he’ll make 50-100 on residential properties that are sent his way by ME.

The positions for goes as follows:
My dad has been in charge of the finances and working with the attorney.
My husband has been doing the computer work and finding leads
I have the bank account in my name, go to court, and use MY name on EVERYTHING. Everything that we do between the three of us is open for all 3 of us to see on paper. There is no money laundering or anything strange between us. We are all best friends.

I am just REALLY REALLY freaking stressed. Mainly because I am so young, and worry about my future. If I were to file bankruptcy couldnt I put the houses in a trust or my sisters name and bankrupty off the attorney? I know its ridiculous but we dont even know how much we owe him. It could be 50K or it could be 100K.

If the business fails, what precautions can I take before hand??? I may only have a month or two before it hits the fan….I was thinking of opening a second bank account at another bank, it case we go broke with the one, and get into check systems, at least i’d have another account, b/c once you go into it you cant open another account. Im so scared. And not that I want to make this a focal point of my storyline, but my dad has a 400K life insurance policy. He said that if something ‘happened to him’ and he died, we would get it. Im worried about our business, my ‘name’ in general, losing my family, my future….im stressed and need advice. On ANYTHING. Im young and fragile righ

Technorati Tags: big time, business account, business expenses, business partners, dad, dilemma, draws, economy, enough money, finance dept, hard money lender, investors, napa ca, nice guy, private loan, remodeling, rinky dink, vacation community, worst case scenario

I personally own 4 properties. Each of these are in my name. I have a private loan set up from a hard money lender on each of these properties. one of them is my main residence. The others are rented out. I use the money from the renters to pay the lender. He is a nice guy, and will let the loan ride out as long as I need to. I’ve been working with him for years. I’ve borrowed on each of these homes about half of their value. But through the years, the prices/equity has been cut down, so now there is probably only about 10K profit on each house.

On top of these 4 houses, I have 3 homes that are currently in my name as well, but I am working on remodeling/reselling. My dilemma is complex. I have two other business partners. My dad, and my husband. We’ve never had problems working together, its just we’ve run into problems in the finance dept. Currently, we have a business account for the three of us. We only have enough money for our business to run for one more month. Currently, our bills run about 9K a month. We’re waiting for a house to sell, its valued at 80 but we’re trying to take ANYTHING that will keep us going…so maybe around 60/etc….I dont even know exactly what we’ll take for it, or if it’ll even sell b/c of the economy. We’re trying to pull a loan on it instead to keep things going. But the problem with that, is that we have to use the money we’re going to pull on a loan to remodel another property (we’ll call property #2). We already pulled an 80K loan on property #2 for 80K but its coming in two draws. We spent the first draw on business expenses to keep the business running, and as soon as we spend 20K on the house #2 (its a big time fixer in the napa, ca vacation community) we can get the second draw of 40K, of which, we will have to spend maybe 30K on the house.

All and all, this is the worst case scenario we’ve ever been in. We even have a small rinky dink house #3 tied into the loan of house #2 to protect the investors. House #3 is only worth about 20K….thats why we didnt mind backing it against the other one.

On top of worrying if we’re going to have enough money to survive financially, once we get the napa vacation house (#2) on the market, we dont even know if it will sell at a low/fair market price. We just want to get rid of the house and get rid of the loan and hope to keep business going with the bills.

Also where it gets weird, and concerning the bankruptcy talk….there is an attorney who I owe some money to. At first he was kind, we got along great, and he saw a lot of potential in myself, the business that I do. A few years ago I was needing money so he lent me 20K at 80% interest. I knew that where I placed the money would help me to continue working, and would be worth it in the long run. It was….its just, I havent paid him back yet, so he’s already made about 20K off of the loan, and im continuing to pay him 1,200 per month of interest. He tacked on an old attorney bill from his other firm, but at one point he said he discounted it, but now he’s charging me again. All and all, and please, without judgement of me or him, nothing has been written on paper, and I know there is that saying that a verbal contract is as good as the paper its written on. So all an all. He’s screwing me in several ways. He practically ‘but kindly’ demands that I send several leads to him, to where he’ll make 50-100 on residential properties that are sent his way by ME.

The positions for goes as follows:
My dad has been in charge of the finances and working with the attorney.
My husband has been doing the computer work and finding leads
I have the bank account in my name, go to court, and use MY name on EVERYTHING. Everything that we do between the three of us is open for all 3 of us to see on paper. There is no money laundering or anything strange between us. We are all best friends.

I am just REALLY REALLY freaking stressed. Mainly because I am so young, and worry about my future. If I were to file bankruptcy couldnt I put the houses in a trust or my sisters name and bankrupty off the attorney? I know its ridiculous but we dont even know how much we owe him. It could be 50K or it could be 100K.

If the business fails, what precautions can I take before hand??? I may only have a month or two before it hits the fan….I was thinking of opening a second bank account at another bank, it case we go broke with the one, and get into check systems, at least i’d have another account, b/c once you go into it you cant open another account. Im so scared. And not that I want to make this a focal point of my storyline, but my dad has a 400K life insurance policy. He said that if something ‘happened to him’ and he died, we would get it. Im worried about our business, my ‘name’ in general, losing my family, my future….im stressed and need advice. On ANYTHING. Im young and fragile righ

Technorati Tags: big time, business account, business expenses, business partners, dad, dilemma, draws, economy, enough money, finance dept, hard money lender, investors, napa ca, nice guy, private loan, remodeling, rinky dink, vacation community, worst case scenario

In April I filed Bankruptcy. I quit my job after having a devastating miscarriage and felt like there was no other way for us to survive financially. My husband’s job with the Army requires him to have a security clearance and with already shaky credit we decided it would be best for me to file alone. Most of the debt was in my name anyway, so I filed a Chapter 7 in April. Due to my lawyer’s incompetence it wasn’t discharged till December. We’ve been told that with my husband’s low score and my recent bankruptcy our only option is to wait 12-24 months to apply for a mortgage. This makes sense to me, but I’m hoping there is another option out there. We were foster parents for a time and hope to continue that next fall when my husband returns, but he’s stationed in central Texas where CPS prefers foster parents who own their home. We had established a small business in training and boarding horses and would like to continue that in our own back yard and grow from there.
I’ve contacted the three major credit bureaus to clean up any inaccuracy and I’ve been working at my job for almost a year. Our debt to income ratio is great and despite my bankruptcy my credit score is slightly higher than my husband’s, but still low. I’ve done all of our baking with US Bank in hopes of establishing a relationship with them and I have a low-limit credit card I use for gas and pay off monthly and a secured card I use for business expenses and pay off monthly. So, this is probably much more information than you needed, but it will hopefully be enough to help you answer my question. I would hate to spend another 12-24 months paying 0-800 a month in rent and 0 a month boarding our horses when that could be -30k we’ve paid toward a mortgage.
I understand that all actions have their consequences, but we’re a Christian family and hope that through the right network, education and of course prayer there may be some chance of purchasing our first home so my husband comes home from Iraq feeling accomplished and secure.

Technorati Tags: back yard, bankruptcy, business expenses, chapter 7, consequences, cps, credit score, debt to income ratio, foster parents, horses, inaccuracy, incompetence, lawyer, major credit bureaus, network education, prayer, secured card, security clearance, three major credit bureaus, us bank