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140 K personal loan...?! what to do?

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    140 K personal loan...?! what to do?

    Hi All,

    first time poster. long time lurker.
    need a bit of advice...

    About 4 years ago.. in the midst of the glorious celtic tiger days I got persuaded to purchase a piece of land to build on. It cost 130K. I borrowed 140k to cover the stamp duty and solicters fees. It was during the days of 2006-2007. Now at the time i didnt have the money or the intention to build on it.
    I got in touch with a friend who works in the finiacial sector who offered to give me a interest only personal loan of 140K. Because i didnt know any different i accepted and taught i would sort out a mortgage at a later date.
    Anyhow ..long story short...I having being payin this loan for 4 years now. Interest only 900euro per month.( i know this is special!) I have a reasonable job so have been able to cover. Now though i need to sort this out. Have been unable to save. Its begining to criple me.

    How can i restructure this? I have spoke to bank and they wont give me a mortgage. No deposit. flatly denied a few times. Would Any other bank take on this over 10-15 years. ?? i dont know really?

    cant sell as site really is only worth half of purchase price! I have made a mistake. I was badly advised. I dont have any debts. I also pay rent! but i need to sort out my finances!

    Any Advice?!
    pay day loan

    #2
    You own the land free-and-clear. A personal loan is unsecured debt. You can include this debt when you file bk and it will go away and you will still own the land free-and-clear.
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

    Comment


      #3
      Originally posted by momofthree View Post
      You own the land free-and-clear. A personal loan is unsecured debt. You can include this debt when you file bk and it will go away and you will still own the land free-and-clear.
      Depends if the friend put a lien on the property.
      But if he does own the land free and clear he could borrow some money against it to pay off some of the personal loan.
      Land can be tough to get a mortgage on so keep that in mind.

      Comment


        #4
        If you paying in euros, where is the property?? If it's not in the US, and your not in the US I'm not how much you can do.

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