Here's my story sad but true. As everyone else living the american dream of home owner ship in todays economy so am I and my wife of thirty years. Everything was going great until the economy took a nose dive. I am in the automotive industry as a manager and my income is based upon protability of the dealership. Their profit shrinked so does my income. To keep up with everything I made the CARDINAL sin, I borrowed off of my credit cards. I am now at seventy thousand dollars in debt with two mortgages in house that has devalued from three hundredthousand dollars to around one hunderd seventy five thousand. Beleave it or not there is a silver linning to all this. I am sixty years of age and have a 401K with enough funds in it to cover everything. Your are probibly saying to yourself why not file bankrupcy. I put myself in this mess, not some one else. I got in it, I have to get out of it. The way my plan is written is that I can not pull my money out till January 1 of 2009. I need to get to my funds immedately so I will not fall behind on any of my bills. If I can find some one who would lend me the funds necessary I can collateralize the loan dollar for dollar with the 401K funds. This way it will benift both parties. On my side I will only have to pay back the interest on the loan with out haveing to pay any penalties to IRS. On the lenders side he makes interst for a short term loan and is gauranteed to recieve payment in full. I do need some ones help. I will not subject myself or my family to any preditory lender. I am looking for an honest lending institution or private person to conduct this in a professtional manner. If there is anyone out there that feels as though they can be of assistance to me and my family I'd like to here from you Thank you.
