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Discussion Starter · #1 ·
My husband is the primary earner. We have a business. With the recent events that leads us to where we are now. We need to expand our business in order to create a living or entirely get out of the business and sell assets to pay our debts. NOw, we manage to borrow money from our bank with the condition of mortgaging the land. we dont own the land--my husband folks own it still. Grandpa agreed with us before that he will co sign. However, the day before we will go to the bank he told my husband he couldnt co-sign the bank.....because his wife said no...according to them too much mortgage already........went to the bank, the banker insisted on the mortgage type.....we went home and for some reason he managed to convinced her to co sign. Tomorrow, is the day we will get the loan. However, husband said that i am not signing or included with the signing.

He said to protect me............i have previous issues with his folks with regards to the business, i dont know where i stand. first ..... the deal with transferring to where we are now, they talked it over just them. I was just told one day that we are moving to this place ......he made decisions already...then the books. he said he sits with his ma before.... then when he took over his name on the business checking account only... i argued with him about this ........eventually he put mine in it. he said he just overlooked it. I worked outside of the business ( though i dont bring much , enough to cover the health insurance.
I dont have much credit history. I came from another country, i was a professional in my home country, however its been 10 years since i left...my total years working was like three years after college....my social security was discontinued and my pension was already nulled.

I will appreciate any input .. thank you !
 

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I find all of that confusing, but I have at least one thought. Although I have no idea what the nature of the business is, it sounds as though you are already losing money. Why keep throwing more money in it and risk losing someone else's property?
 

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Yes, what the previous poster said. I know this situation all too well, where you think throwing money at a business will make it work. The only thing that will make a business work is if it takes in more income than expenses. If you can get that down on a spreadsheet and prove it will happen then you have a business. If not, don't get the loan, sell out and get out while you can. Owning a business isn't everything and certainly not worth risking relationships.
 

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Discussion Starter · #4 ·
The business is our main source of livelihood. We knew that it could be profitable. We are getting a team to help us turn the negative to positive. I knew that its a fine line.......but all of us involved knew that it can work. The reason it went to worst at this point is because we were lax this year.
 
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