Buidler Needs Assistance
I have been a builder for 28 years; mostly remodeling with some new homes.
I currently am on the other side of the stick now and need advice on how to surpass it.
Injury, illness and bad customers have put me into foreclosure / bankruptcy.
I have a home and adjoining land worth $310,000 (38ac) $145,000 of mortgage and arrears.
I have a subdivision deal in the works to build 10 homes on 3+ac waterfront lots but dont know how to approach my partner with the deal to pay off the mortgage on the home as he doesnt want to purchase the home .
:-?
Need a little more detail. Has the bk been discharged? To stop the foreclosure find a hard money lender to borrow the money from. I know the interest is high but will only be short term. With the amount of equity you have an hml will probably be your best bet. Also,have you tried to work out a forebearance agreement with your mortgage lender?