Re: Can anyone give some advice to help mu Uncle? - Posted by Jeff
Posted by Jeff on June 15, 2007 at 20:38:39:
The land has power and an availiable well. Its not ready to build and its an area that was supposed to go big but hasn’t hit its stride. The land only cost him $170 a month the big deal is 1 House $2300 mortgage $1400 rent, 1 $2800 mortgage $2000 rent, current residence … atleast $2500, a cabin at $1900, another houose his son was living in at $2500 but he moved out and he is maybe getting $1200. He has no oequity and is living off CC’s. He is amazed I can remember all this stuff b/c he cant keep it straight.
I told him to list all houses (except residence) and at the same time advertise “rent to own, no money down, bad credit OK”. He said he is going to do that and if it comes to voluntary surrender we will cross that bridge when it happens.
Basically no one property is the resolution to the total problem. He gambled and lost, he needs a way to keep his home and some way of life. His financial statement I assume is heavy on the negative. If you have any advice please share… thanks