want to start flipping houses
will do work myself but no funds
i own my house worth 90,000 owe 40,000. but just went bancrupt. i have 100,000 in 401k but i cant borrow from it for 2 more yrs as i already have taken a loan from it. i could wait on that bit wpuld like to change my life now. I have wealthy friends. do I borrow money to buy a house do they buy it in there name if I borrow cash from them and buy it. will it look suspicious and the bancruptcy court will think I had hidden money. just don't know how to start. thanks
If you have good friends who understand your situation, you could draft a promissory note that would guarantee payment back to them within the next two years. You may also want to look into downsizing, banks will work with you to find a buyer within an alloted amount of time. If you have that kind of equity in your home, it would help you find a new place and keep you afloat (with proper budgeting) long enough to find a job that pays for the essentials.