I am 48 years old and am a custom home builder in michigan. I have done well making about $80,000 a year for 15 years until we hit this recession about 5 years ago. When I was in my prime money making days in 2001 we invested in a 2200 sqft vacation home in Leelenau Michigan, about a $750,0000 bank loan. Now, because my pay has been cut 3/4 of what i used to make we just cant make the payments. The house has been listed for about 7 months now and no bites at all, and we are late 3 $2300 payments. I dont know what to do, the bank called and said they were going to foreclose it if we don't make a payment on it. I've run out of options, and no money is comming in right now. What should I do? Please help me!
Financial Trouble question.?
- Thread starter Jason
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