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Bridge loan help

My husband's job closed so we had to move. after a year of paying rent and paying a house payment we got a bridge loan to buy another house. The house hasn't sold yet and the loan is due. We asked for and extension. They said no. The housing market took a dive and we owe more than we can get. They haven't started forclosure, they want us to re-finance somewhere else. We can't afford to make two payments very much longer.

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2 Answers

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JtotheA Answered:

Not sure what the question is. Could you clarify?

Posted 4 years ago

<a href="http://thebrainofjaak.tumblr.com/" rel="nofollow">The Brain of Jaak</a>

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bhb Answered:

As of now we are in default on our bridge loan, right? The market is so bad in our area that we are asking less than what the market value is and less than what we owe the bank and still can't get anyone in the door to look let alone make an offer for a potential short sale. If we can't get it sold and we can't get it re-financed or the bridge loan extened, What else can we do besides file bankruptcy like a lawyer said we might have to do. What type of financial person might be able to give us guidance. I have called the CCCS in our local area and they don't think that they can really help us because we are not behind on any other debts.