Help In Alabama

karacamille · Joined: 10 Aug 2005 Posts: 3

We borrowed and built a restaurant on highway frontage at the entrance to a busy industrial park. The location is an absolute "gold mine" being that there is no other food supplier for the employees for miles around. My husband is a builder and built the rest for no labor. We own the 1 acre and owe only $34,000 on the restaurant. When building was complete, we found ourselves with no operating capitol. We opened and "winged" it for a few months. Business was great but was not paying our bills and start up costs. My husband took a great job and left me running the rest. I couldn't handle the huge task alone. We closed the rest. and decided to sell. We are about $6,000 behing on the $34,000 mortgage. I feel sure that foreclosure is right around the corner. I have not been served with forclosure papers as of yet. We would like to refinance the mortage and have time to sell the property or another option would be to refinance the mortgage and take a cash out of the equity in the building to pay off loans that we still owe to a builders supply and such. Our credit is SHOT because of late payments and I have a reposession. Please send me info on options that I may have.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

We will be responding to your stop foreclosure mortgage refinance request via e-mail.