A year ago this month I received the business of apt/hotel and a nightclub in our divorce. Ex hid financials and bills owed and I found $170,000 past due, including mortgages and utilities. I received house going into foreclosure. (REALLY Bad Attorney!). In past year I've done what it took and paid off his bills, expanded nightclub and have been waiting for modification on the mortgage of the home to start paying. As backed up as the mortgage company is they still haven't gotten to it so its still on my credit as in foreclosure. I have about $500,000 equity in the businesses building and property and the house is about $20,000 underwater but coupled with my credit score and credit card debt I took in divorce (BAD ATTORNEY!) I was turned down by every bank in the country for a car loan after mine was totaled and I had $8,000 to put down.
I'm surviving in the business. Logically I should have been out of business but I pulled in through. I could start making good money if I had money to do it with. I need to buy new ac units, furniture, sound and lighting, vending machines among other things. Not having money is stopping from making money and I don't know where to turn. Is there any help for women starting over after divorce or any other type of financial assistance?
Unfortunately, with bad credit you have very little options. The one path you could pursue is to use your assets as collateral. To do this, forget the banks and look for ways to receive funding from your assets where the assets is the main player not you or your credit.
One way is a business cash advance. This is not a loan but an advance against your ability to generate future business income.
Another way is to seucre a loan with your physical business assets and find a co-signer to overcome th credit issue.
Other than that, you really have to push your home lender to get that negative item off your credit.
phanio | Contributor | 10/11/2010 - 7:22 am
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