I'm from the UK. My Dad runs a buy-to-let business and owns about £4 million in buy-to-let properties. That's a lot of money. He took these mortgages out back in around 2008 when the banks were giving out loans to everybody. He used to run the business with my (now dead) mother. They planned to sell the properties once the houses increased in price. Except they didn't increase in price.
The houses decreased in price and now, he has £4 million in buy-to-let mortgages that he has to pay back in 10 years when the mortgages end. The problem is, even if he sells all of the properties he wont get £4 million for them, and he doesn't have enough money to pay the excess. He will go bankrupt if he doesn't do anything about it.
Right now, he's depressed. He is always stressed and this is looming over him day by day. I am a student and I don't know how to make the kind of money he needs quickly. I have a job and live on my own.
Any advice would be appreciated. My siblings and I just don't know how to help him.
Submitted February 05, 2018 at 04:56AM by WhyAmIACunt http://ift.tt/2EiXUHC
