Borrowing money to pay off debt . . .

E

EvilDarkElf

Well-Known Member
Joined
Sep 5, 2008
Messages
194
It may be complicated, but neither you nor X can change reality with hopes (or a shaky force of will). If they don't want to see this reality your problem is not how to keep them in blissful ignorance, but rather how to open their eyes. If they don't have the money it will not magically appear out of another loan.

You're going to have to be tough on this, even if it's difficult.
 
semiautomatix

semiautomatix

Honorary Master
Joined
Nov 9, 2005
Messages
11,914
The_Librarian said:
Get a cheaper house.

if they don't want to, let them suffer.

There's no way I'm going to sign surety for that bond, it's gonna backfire big time.
Click to expand...

Unfortunately economic times might have put them in a situation where they either can't sell or won't sell beyond what they owe, because it'll only worsen their case. Given that and the fact it can easily take 6 months to sell a house at this point in time they may not be able to accommodate their cash flow for that period of time.

What then? Declare bankruptcy? I don't think what they want to do is right, but maybe selling isn't the easily viable alternative you make it out to be.
 
T

The_Unbeliever

Honorary Master
Joined
Apr 19, 2005
Messages
103,196
timgaul said:
Unfortunately economic times might have put them in a situation where they either can't sell or won't sell beyond what they owe, because it'll only worsen their case. Given that and the fact it can easily take 6 months to sell a house at this point in time they may not be able to accommodate their cash flow for that period of time.

What then? Declare bankruptcy? I don't think what they want to do is right, but maybe selling isn't the easily viable alternative you make it out to be.
Click to expand...

And that's putting it nicely... and it's the reality, unfortunately.

So they're stuck, whether they want to move or not.

I would definitely advise against the loan and signing for surety.

X can speak to the bank and see if a compromise can be reached.
 
blunomore

blunomore

Honorary Master
Joined
Jul 8, 2007
Messages
26,789
The_Librarian said:
And that's putting it nicely... and it's the reality, unfortunately.

So they're stuck, whether they want to move or not.

I would definitely advise against the loan and signing for surety.

X can speak to the bank and see if a compromise can be reached.
Click to expand...

Thanks for all the good advice. Now the hard part: to convince Mr Blu not to sign surety.
 
S

sn3rd

Expert Member
Joined
Jan 18, 2008
Messages
4,305
spiderz said:
What's the value of the place? How much do they still owe?

Wait a month or two and when (not if) the bank takes the place back, offer to buy it at 1/2 price. Then rent it out to her :D
Click to expand...

omw, that's ebil :D
 
K

koeks

Expert Member
Joined
Oct 21, 2008
Messages
1,567
i just think that's asking for trouble. people put themselves in debt and then when the crap hits the fan... it's over. i think one needs to take calculated risks about these things. i mean what's going to happen if she kind find a job when the loan money runs out???
 
You must log in or register to reply here.
Top