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I have a defaulted student loan and tax liens and several late pays. Is there any organization that will give me a loan?

I have been spending ever dime on restoring the real estate property that I have purchased over the years, smile!  Yea BUT five (5) days after paying off all the houses and my two (2) office building RITA, then along came MR & MRS IKE, and don't forget about TWIC no TWIC no work no job no pay.  My husband never quit and he has made me stronger.  I met Dick Gregory.  (We ain't POOR just BROKE!  Soo off to work I go.   But I cannot repair a roof.

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There's no question you're going to have a difficult time getting a loan with your current credit situation.  What type of loan are you looking for?  Do you have someone who would be willing to co-sign with you or do you have collateral to put up? Do you have the ability to repay a loan?  These are the types of questions a loan officer is going to ask.

Your best bet might be to find a mentor here who has experience in finance, and sit down with them to look at the specifics of your situation and help you create a plan.

Wishing you the best of luck!

Warmly,

Cheryl Antier

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Dear Gurrnett, I would recommend meeting with a financial advisor to discuss your situation. 

First:  Get a copy of your credit report, and your credit score.  Look at the report and see if there is anything you can do to improve the report without spending money - look for mistakes or anything small and take care of them first.  Given your financial situation it will take a while to get your score up, but start here because no one will speak with you with a high debt to equity ratio and credit score that's too far under 600-650.

Second: Contact every organization you owe money and try to work something out with them starting with the IRS. 

Lastly:  If your creditors aren't willing to make new deals with you speak with a CPA, and a credit consolidation agency. 

Note:  A if you've had this fixer-upper for several years and it's still not complete it might be important to do a risk/reward analysis to see what the return on your investment is versus say putting the same money in the S&P500 (stock market).  If it's not earning a positive return maybe it's time to cut your losses, pay off your tax leans, and reevaluate your financial situations and set new achievable goals.

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Probably you need to review your expenses make critical adjustment more so reevaluate your business if you find out that it doesn't worth it quite it for a better one having consult mentors

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Probably you need to review your expenses make critical adjustment more so reevaluate your business if you find out that it doesn't worth it quite it for a better one having consult mentors

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