Small minority business in distress need bail out!
by trlmstr, Window Shopper
- Created: June 1, 2010, 7:51 am
Friends, we own and operate a small mom & pop motel in state of New Mexico since 10 yrs. And has been experiencing cash flow problems due to the recession! We have worked 24hrs. 7days a week with two minor children ages 8 and 10 who gets taken care of in between adjusting without having any normal social or family life of fun for outside of school! I have had a cracked tendon on my left foot that is not healing for last 6 yrs. giving pain and swelling due to a work schedule! And now have rheumatic arthritis from neck to leg giving fevers and pain due to inflammation! My husband gets to sleep 2.5 to 3.5 hours due to night shifts as we have to do physical work such as shifts, laundry, maintenance and periodically, clean rooms too! Majority population is on welfare!
We purchased this bus. As franchise with SBA 7(a) loan, and had to remove chain name due to their excessive expense requirements that didn't inline with revenue/reservations from them! Motel is well maintained with all amenities of a franchise with our own logo as trade mark! we suspect that as a first time buyer, we were victimized by collusion between seller-by overstating the revenues and loan amt. by mortgage broker, whose firm then sold the loan in a secondary mkt to existing lender! Since last 10yrs we managed and never been late in out mortgage pmts. But since 2008, revenues have been declining and this yr is down are struggling to pay the mortgage that is in excess of the Current Value of the property!
We have been awaiting for the possibilities of casino coming to the city,efforts for which are under way since last three years! According to news paper, the location for casino will be right behind our motel. This could be a big break for us, but we have to wait
I have exhausted the possibilities of ARC loans, city, state programs, help from SBA District Office, Sml bus. develmt center, Wesset, Accion etc. At present, are trying to work out something with lenders, so far they want the mnthly mortgage pmts!
It would be good for investor who has funds on hand and can keep up the pmts. Till economy turns or casino starts to build! My family and I are very much exhausted physically, mentally and emotionally! At this point lender seems to have a 'UNFAIR ADVANTAGE' over my meager family! BECAUSE:
1. Lender has purchased note in a secondary market at discount.
2. SBA guarantees loan 75%.
3. We have already paid over $Million in pmts in 10 yrs!
4. lender holds $1 million life insurance on my husband and I.
5. lender already sold ungaranteed portion to other bank.
6. Lenders are backed by personal guarantees!
7. Lender can foreclose and repossess the property making us destitute!
There are programs to help stop foreclosure on homes but not much EFFECTIVE ONES for small mico businesses where majority are owner occupied! Across nation, mom & pop owners have become the victims of not only financial detriment of foreclosure, but also the health by having heart attacks, strokes and in some cases even attempt at suicides!
Please, anyone have suggestions for my family's way out of this? Any grants or bail out available for business and family in distress!
Even if there is a organizations or a private party who believe in charity could get us out from being the victim of all three:PAST-hard earned savings as down pmt.; PRESENT-hardship, sacrifices of children, family life and also the health, my leg could be permanently damaged, per doctor, my husband could have already decreased the life span, my children not have had the opportunity for normal development-social, family life of fun as other children!;FUTURE-despite all above, unconditional guarantee feature of loan can lead us financial ruination thru foreclosure and bankruptcy! Any help available out there for human beings to protect against non human entities as Financing So far I see Govern. Protecting and supporting this institutions thru $billions of taxpayers $. President says small bus. Are the life blood of our economy, but this large group of tax payers who also support communities have no protection or support that is EFFECTIVE SO FAR? I thought of seeking help from Bill Gates, Oprah winfrey, warren buffet etc. The philanthropic people, but they are out of reach of meager person such as me and my family! I am terrified to think of my children's future as I am 50 yrs. Of age with lot of health problems now! My husband also needs to recuperate and so does my children from this life of enslavement! Is there a way to bail us out ! Idea of dieing seems good at time so that lender can get $500k from my life insurance and for rest of $ 200k will still be outstanding debt for the life of my family!
Is there a way to have lender writer's the montage to its current value so that property could be sellable is there a law that requires TO SEEK 'REASONABLE PROFITS' if other party(meager family) in bus. deal is at greatest disadvantage or in a detrimental position? Does my children have rights to protect themselves from this? Do I and my husband have rights TO BE AND TO LIVE LIKE HUMAN BEINGS? Or Should lenders be ALLOWED to seek UNREASONABLE PROFITS by trampling upon meager family by making them destitute thru use of UNFAIR ADVANTAGES ?
Is there a way out of this web? Please, show me the ways? I am having the anxiety attacks thinking about our and my children's' future! HELP PLEASE, ANY ONE? SOURCES OF: LAWS, CHARITY, INVESTORS, PROGRAMS ETC.
Thank you so much sympathetic experts for reading and responding to my despert attempt in seeking help regarding information leading to bail out of my tired family!
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