Legal Question in Credit and Debt Law in California
hard money loan / debt consolidation
Earlier you answered a question for me and I thank you. Maybe I confused you when I said our ranch was part of the debt consolidation. It is not. To refresh, we put up our 80 ranch (land only) for a $100k hard money loan. 16+% interest. 3 1/2 yrs left till balloon payment. We were turned down by several loan co. in an attempt to pay off the 100k plus other debt equaling about another 50k. We then went to a consolidator who will only take care of unsecured debt, and not the hard money loan. So we are still stuck with it and now I have an attorneys ofc calling b/c one of the credit card company refuses to settle with the consolidators and will take us to court if we dont comply. How can we get out of both the hard money loan and take care of this debt consolidation? We dont make enough money to pay high interest on the hard money loan and pay the consolidators and pay companies that refuse to settle. Sorry for the confusion, Brandy
1 Answer from Attorneys
Re: hard money loan / debt consolidation
You either need to get a new loan to pay off of all of the other loans or you need to start negotiating with your creditors yourself or you need to hire an attorney. You may be a candidate for bankruptcy or you may find an attorney who can negotiate with your creditors.
Many creditors will not deal with a debt consolidation company and you can still get sued if you are using one. Debt consolidators cannot do anything for you that you cannot do for yourself.
I would find either a consumer law attorney or a bankruptcy attorney near you for a consultation.
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