We borrowed 100k against our home to buy a commercial property. My wife has lost her income and the property has been bleeedong us for the past 3 years. The rents from the property only cover 3/5 of the mortgage and we can no longer make up the difference about $2800/month. I own a incorperated business that is still doing ok, but I've not paid some sales tax and have been getting behind on some vendors trying to keep our property out of forclosure. The winter hit my business hard and I lost alot of cash flow and dont see a way of getting caught up again. I am not sure what to do. Commercial property is not moving at all right now I paid 565K for the property and I owe 381K. Still owe 100k of the down payment as a second on my home. If I had more time I could probaly sell for 400K but if people know it is going to forclose I don't think would. I am still current on my home mortgage and want to keep my house and business.
What should I do?
What should I do?
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