I am a teacher who ended up bad credit after borrowing money for college and with the expenses of my child. I have steady income.
I need some money to pay off some bills(credit cards,loans, other stuff about a $50,000 debt. I own some inherited commercial property that is worth about 25-30 thousand dollars. I want to remodel the old house on it but I don’t have the cash. Also I would like to borrow some money on the place to pay off some bills. I am more than 6 months behind on a lot of my bills. Is it anything that I could do to get some money with bad credit. I have owned this place for 3 years but can’t earn any profits off of it because I don’t have any money to invest in it. The property is in North Mississippi in a very good location of business.
Also I would like to know what type of loan do I say that I need?
Th property has never had any liens on it.
Any advice would be appreciated!
My income is less than 33,000