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Updated over 9 years ago on . Most recent reply

User Stats

268
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55
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Brenda Whittaker
  • Investor
  • Cottonwood, AZ
55
Votes |
268
Posts

Emergency Financial Ideas Needed~!

Brenda Whittaker
  • Investor
  • Cottonwood, AZ
Posted

So I'll make it as short as possible.  I was sued and lost a judgement for $25,000.  They know about 3 rentals, in my own name, free and clear.  I am very aware of the eminent danger.  I also have a 2nd loan on my own home that comes due in March, $89,000.  Or, payment on it will rise from $300 to almost $800, which I am not comfortable with.  I get my income from the 3 rentals.  Im considering selling one, so I could pay off one home mortgage (so I could afford the other), and offering the judgement holder a little less, with what's left from the house sale.  ($100K at most)  OR I could pay down the one that is coming due in March so the payment will be less, plus pay off the judgement (discounted), plus buy an inexpensive rental for say $40K and get $500 month out of it on top of it all.  Or borrow for part of a new rental, or just liquidate and maybe never have the cash again to get another rental, or ask for a short term private loan somewhere to pay off the judgement (discounted) until I can figure out a few flip deals.  I could offer a 1st position for $20K on a $120K manufactured rental home on an acre in a nice area of San Antonio.  An area I wanted to live in one day it's so nice.  But I have to take care of my home in Arizona.  I have rehab experience, just lack creative financing.  Welcome to any mentor, I can offer good interest rate, good security, free assistance in anything I can help with while learning.  I have no choice, I have to make this work.  

Most Popular Reply

User Stats

113
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102
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Gene Livingston
  • Investor
  • Kyle, TX
102
Votes |
113
Posts
Gene Livingston
  • Investor
  • Kyle, TX
Replied

Might try a personal loan from LendingClub or similar crowd-based lending platform to pay off the judgement (I have no interest or affiliation with LendingClub). I think their max loan size is around $30K.

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