by faith, Performer
- Created: October 31, 2009, 1:52 pm
Hi greetings to you all. This is my first time here, so please bare with me..Out of desperation, trying to scramble for help, I was lead to this site.
My husband and I, are desperate of help for our finances..
I am a nurse and he is a financial adviser,been married for 13 years. We are both very active in our church and we have a strong desire to help people to be financially educated about how to manage their finances in order to achieve financial freedom and to teach them to be good givers to either charity of their choice eventually..('how ironic and here we are in this mess')..
First we started on playing the stock market.That was good until 911 happened. So we switched gears to real estate buying a fixer upper homes and sell them after with of course few chosen partners who are relatives and close friends, that was true joy, the business boomed and some of our partners started to have their own same business..I thought that was mission slowly coming together...Then we thought we will try buying rental property a multi family apartment complex ( without any management experience).Little did we know that the real estate boom has reached it's peak and the bubble burst and we were in the middle of it...like the world is crumbling down..Since we bought an as is property,rehabs and repair, as well as eviction fees( to lawyers) and maintenance fee, not to mention I had to go on part time to manage the 20 unit myself so to cut management fees.And every single weekend when we're not working at our regular job, my husband and I work there at the apartment from sun up to sun down, especially when there were times that the sewer backs up and we had to clean up after the plumber unclogged the sewer..So anyway that's just the tip of the iceberg.Now through these come with expenses, bills and taxes and insurance we cannot keep up paying.Despite of living frugally, it's just expenses are piling up left and right my husband would stay up late at night until his eyes crossed just to make sure we won't be late on the mountain of bills that seemed to be coming faster than we could pay..Until we got this notice that the bank that we have our mortgage of the apartment gave us the notice to redo our loan for a higher interest since we were considered us 'high risk' to the bank since our apartment does not show 'cashflow' and that we also should redo the loan every 6 months of course tact in there the fees for every time we will redo the loan...my husband and I just reached to the of our rope and said we should just let it go...we tried to negotiate the bank and all they see is the dollar sign and not our situation. And after over 5years we said we did everything to save it and now it's time to let go...and so we did...now we are in the early process of foreclosure,..we have not turn in the keys we're waiting for the bank's lawyer to tell us where to drop off the apartment keys and tenant leases...Now my questions are if the bank sells the property thru auction or whatever and will not get whatever we owe on it ( even losing our down payment and equity on it) will the bank sue us for the remainder? right now we owe $760,000 roughly on it...and should we declare bankruptcy because we know we're not gonna be able to pay anymore bills along with our credit cards and personal loans that we have incurred during the time we had the apartment..I could go on and on...but I will stop here now..this is really depressing!..and looking we could have just better off working and saving money for ourselves.. But we thought we should try to take advantage of what we thought was a good opportunity and at the same time help others..but we failed and we failed miserably...please help us in any way you can, and we'd be forever grateful. God bless...
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