Loans in progress and credit score
Well I have a weird question.
Last year we took out a construction loan to build a house. So we have a current construction loan and will have to a mortgage on the house when its done. It is at a very small bank. The problem we built on some family land that has been in the family forever.
The problem we have in the past 6mths our business has had problems and we can't make the payments on credit cards. Now the defaults are showing on my report. The cards belong to the business not my SS but I must have given it for the guarantee. I also have a few we are not paying that are linked to personal. My scores have dropped to 600 now.
I have advanta taking me to court this month. I am sure amex will soon.
I have one Collection agency on my report.
We are still current on my house now but it is for sale.
I am wonder if the bank where the construction loan is will just role it in to a mortgage with out pulling my credit but if they do what happens when they see the low scores.
I talked to a lawyer and he said for me to file bankruptcy after we get in the new house.
My wife is on the loan on the old house and new house. Nothing else.