Q. I have a defaulted student loan and tax liens and several late pays. Is there any organization that will give me a loan?
I have been spending ever dime on restoring the real estate property that I have purchased over the years, smile! Yea BUT five (5) days after paying off all the houses and my two (2) office building RITA, then along came MR & MRS IKE, and don't forget about TWIC no TWIC no work no job no pay. My husband never quit and he has made me stronger. I met Dick Gregory. (We ain't POOR just BROKE! Soo off to work I go. But I cannot repair a roof.
Area of Expertise: Accounting and Finance
Industry: Construction/Contracting/Handiwork
2 answers | Asked on 02/02/10 by:
Gurrnett Carrier
Beaumont, TX, United States
Answers
Cheryl Antier
, United States
There's no question you're going to have a difficult time getting a loan with your current credit situation. What type of loan are you looking for? Do you have someone who would be willing to co-sign with you or do you have collateral to put up? Do you have the ability to repay a loan? These are the types of questions a loan officer is going to ask.
Your best bet might be to find a mentor here who has experience in finance, and sit down with them to look at the specifics of your situation and help you create a plan.
Wishing you the best of luck!
Warmly,
Cheryl Antier
Posted on 02/04/10
Shomari Deluccio
Albuquerque, NM, United States
Dear Gurrnett, I would recommend meeting with a financial advisor to discuss your situation.
First: Get a copy of your credit report, and your credit score. Look at the report and see if there is anything you can do to improve the report without spending money - look for mistakes or anything small and take care of them first. Given your financial situation it will take a while to get your score up, but start here because no one will speak with you with a high debt to equity ratio and credit score that's too far under 600-650.
Second: Contact every organization you owe money and try to work something out with them starting with the IRS.
Lastly: If your creditors aren't willing to make new deals with you speak with a CPA, and a credit consolidation agency.
Note: A if you've had this fixer-upper for several years and it's still not complete it might be important to do a risk/reward analysis to see what the return on your investment is versus say putting the same money in the S&P500 (stock market). If it's not earning a positive return maybe it's time to cut your losses, pay off your tax leans, and reevaluate your financial situations and set new achievable goals.
Posted on 02/24/10
