Legal Question in Credit and Debt Law in California

debt

Hi, about 1 1/2 yrs ago, we ended up getting a hard money loan for 100k, big mistake. We put up our 80 acre ranch that was paid in full. We are paying over 16% interest and only have 3 1/2 yrs left til the balloon payment. So then we went to a debt consolidator and apperently one of our creditors will not except that. The consolidation co says not to worry about it and ignore them. The creditor says we will end up in court if we do not comply with their payments. Who do I beleive? It is already in the hands of the creditors attorney. It has been less then one month since we requested ''help'' from the consolidator. Please help! Thank you, Brandy


Asked on 2/19/08, 6:05 pm

1 Answer from Attorneys
Jonathan Stein Law Offices of Jonathan G. Stein

Re: debt

This is easy: stop believing the consolidators. If you think you can't make the payments, talk to an attorney now. Trust me that the creditor does not want to sue you or end up owning your ranch. They just want to be paid. The consolidator also wants you to keep paying, but they dont care who owns your ranch!

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Answered on 2/19/08, 10:27 pm


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