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Updated over 9 years ago on . Most recent reply

Emergency Financial Ideas Needed~!
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

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.