Curve ball?

Maybe I have missed something in the reading of this thread, but isn’t all he has done is take multiple mortgages on a property?

This by itself is not against the law. I think there is a difference between fraud and not telling the family what is going on.

If he has told some fibs to get loans he will obviously be in for a bit of explaining.

My understanding of this thread is that a person needs some help. I don’t think the solution is to tell him he is going to jail. Probably not correct and probably not going to help him out.

I think (as in investing) we need to sort out the facts from the opinions here.

Sooshie, is you friend still in strife and what have you told him.

Contact me if you need some help to give him some solutions to his problems.

Dave

Hi Sooshie,

First off he needs to come clean with his family, they stand to loose just as much as he does. They are the victim, not him and he needs to understand that he got them into this mess.

Just a couple of pointers (possibly). Not knowing his current available assets it’s difficult to comment. However I would agree with Leigh. If possible can he review all his possible assets (that would be cars, CD collection, paintings anything) and see if this can be sold off. Next can they move out of their current place and rent something smaller, while keeping the house? This could then be rented out to someone else, thus generating an income. Remember this is what we are all looking at doing, generating an income from property.

You said he did not have a job. Is there anything he can do? This could be working stacking shelves in a supermarket, anything to bring in a bit of cash. Can his wife help out? Can she work or is this not possible?

Has he been to a finance company to see if they can help with the debt? He needs to be completely honest with them!

Lastly, he needs to get some counselling. He needs to face the facts before it gets any worse. And he needs to build a plan of how to get himself and his family out of this situation and back to their current lifestyle, without the deception.

I hope this helps, but I’m sure you have already thought about most of this.

Good luck!

Adam
[8D]