Board Topic: Getting out of foreclosure
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Getting out of foreclosure

Posted by: Jamie Howard Jan 17 2004, 01:20 PM
It took 10 months in court proving a hotel was purchased and partially renovated using my funds and assets. Now that I have control of the property I have learned that my exhusband has run the equity in the ground by borrowing monies and not repaying them out of the hotel revenues. He knew I would have the hotel back and he got liens against it. Now it is up to me to try to save it. If I am unable to do this I stand to lose me and my childrens home, which I had prior to my marriage with him. It turned out he is nothing less than a con man, in my opinion, and fed me nothing but lies about himself and his financial position. And now he has taken off and left me with all the debts. Unfortunately for me, the courts and attorney's took too long to sort this mess out. Of course it did mean more money for them. smile.gif HELP ME PLEASE, I will listen to almost any advice. Thank you, JH

Posted by: loanuniverse Jan 17 2004, 06:41 PM

Before you go and do something that might make your situation worse, you need to sit with a few people and go over the situation. You have to understand that there is no way someone can give you advice without knowing the complete details of the situation. It is also important that you take into consideration that a place like this offers general guidance on matters related to commercial lending. Anything specific has to be discussed with knowledgeable people that have access to the details. In addition, your situation has many levels, which run deeper than my knowledge of loans.

Having said that, the following is feedback on your situation ”Things that I would do”:

I would first talk to someone that I trust that is experienced in business. It would be even better if this person is in the hotel industry and go over the financial information on the hotel. Balance Sheet & Income Statement. Is it worth it to try to save the business?

I would talk to an attorney about your liability. If you need to walk away from the situation, can the creditors come after your other assets? You mentioned that you will lose the house…. Why? Did you pledge it to get money? If you just took over the hotel, you might not be a guarantor on any of the loans. I would stay away from signing anything until I discuss it with an attorney.

I would follow through with a personal lawsuit against your ex. Get a judgment on him.

Hope this helps.

Posted by: apexfunding Jan 17 2004, 08:38 PM
Hi Jamie,

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Steve D.
(832) 483-7485
Cash Flow Specialist
Apex Funding Solution
www . fundingneeds . com

Posted by: loanuniverse Jan 17 2004, 10:07 PM

I am not saying that Steve would not be able to help... He might. However, you should first talk to someone that does not have a vested interest on your decision.

Just a thought.

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