All Forum Posts by: HELGA ZARGARIAN

I cannot pay the hard money loan that I got against my dads commerical property ..along with my credit cards can I include that in a BK?

I want to start making money ALREADY ! Im soooo sick of being broke and seeing my family (that was very wealthy before) depressed stressed and unhappy. I know that in order to start making money I will need to have it. (But I dont-well not much). Is there anything I can do to make money without having much?
I am a current home owner and would love to start purchasing property fixing it up and selling it or ANYTHING !. I heard of a finders fee if I find property for investors ...also I heard of programs that came out that will give me funds to buy without anything down...any suggestions or ideas ?

i know i know...BIG MISTAKE! The only reason why I got the loan in the 1st place is that at that time I had alot of equity on my residential so I didnt think it wouldve been a problem. And since our broker took his sweet time EVERYTHING went down..(My house was worth 990k-then dropped to 520k) I know the answer to my question already but just wanted to take a chance just incase someone had any ideas. As far as the cars that I owe I would loveeeeee to sell them but the value is less then I owe so im stuck there..as far as the credit cards I used them NOT to shop or anything but to make help me make payments..Im in such a bad situation that I feel blinded of all my options..Anyway thanks for all your help..hopefully I'll find ways in this forum to make money that will help me pay it off.
*and yes I am behind on the payments on the hard money.

Hello Everyone,
I',m so glad I found this forum! I really need help in this situation so if anyone can give me some/any advice it will be greatly appreciated.
I have a hard money loan against my dads commerical property ($350k). Got the loan because I had personal debt I needed to cover as well as credit card debt. At the time I got the loan I had no choice but to put the lien against my dads commerical property rather then my residential homes due to LTV guidelines that hard money loans had. Which was max 65%. My dad agreed because it was going to be a temporary thing until my credit was back up and my refi on the home went through. Unfortunately, the market went down and the equity I had on my residential was not enough for me to cash out to have the lien removed from my dads shop. Now that the whole economy is sooo messed up Im having trouble paying the loan..because its a 10% interest rate (INTEREST ONLY) so the principle isnt even coming down and im falling behind and my dad wants out !!! Because he doesnt want them to foreclose his shop...what can I do ???
House mortgage = $4,000-
Hard money loan= $2,900
Credit cards/Autos/etc= $3,000
How can I get out of this mess??? Can I find any lenders to place a lien against the residential instead-if no equity due to current market..?(i know its impossible..but asking just incase)
any other options?