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Updated almost 9 years ago,
A little guidance..
Hello BP community! I am college student majoring in Accounting, and I am researching the in and outs of real estate, specifically loans. I am helping a family friend to do some research before she decides to apply for a loan. She is looking to pay off credit card debt, in addition to a balance of around $18,000 owed to a bail bondsman who is working with her and is willing to release the lien on her property provided that the balance be paid when the loan is dispersed. Any remaining funds then going to my friend. Her house is paid off with no payments aside from property taxes. She is 63, and receiving social security due to a major back injury, however does have a cash income every month provided by 2 family members that rent two rooms from her. I am having a difficult time navigating these waters as I do not want her to be taken advantage and I know that this continues to be a major issue especially in Los Angeles county (where we both live). I welcome and appreciate any guidance on the process/what to watch out for thank you very much!
Marie Richardson