Need Help!
Well today a home owner in forclosure called me today with quite a predicament. He is in default on his sencond wile his first is current. But he had filed for chapter 13 witch he fell out of protection of, how that works I dont know. Also, aperently some of his former employees have setelments against him, and one of his employees embesseled from him. So he no longer has his business, his only income $1200 / month from a medical setalment he got years ago, and he cant work in his trade in the oil fields because hes 61 and had a heart attack a few months ago.
And heres the kicker, the guy, ofcorse, wants to keep the house. I want to help him, because I am in this to help people first and make money second. So could some one please give me an idea of how I can either help the guy out of the situation with out personaly lending him money or give me advice on how to convince him to sell his home.
Thank you all,
James
Hi James,
I understand the want and need to help people and you should be commended for putting this as a priority.
You do need to keep in mind that you are still in business to make a profit and if you do not factor this in you will be limited in the number of people you can help.
Need a few more details, what is the payoff on the 1st and the 2nd and all other liens on the property?
What is the market value?
What monthly payment can he afford?
My big concern is the fact that several of his employees took him to court and are seeking payment.
If what this man is telling you that he gets a settlement check for $1,200 a month I would want to know how long this will continue.
To be honest with you it sounds like this guy my be working you, not having all the facts I do not see how he can afford to pay.
I do not want to doubt this guy but owes former employees, lost his business and did not follow through with his chapter 13 bankruptcy plan and makes a claim that his business was lost due to embellishment. Just makes me wonder about this one.
[addsig]