Corash & Hollender, P.C.
718-442-4424

Taxi Medallion Owner Worried About His Investment Property

When the market was high, he decided to cash in on his long hours and hard work to protect his family for the future. The bank offered him a refinance to obtain $300,000. He used it to buy an investment property, to generate income for his retirement.

He worked 12 hours a day, and leased out the medallion for the other 12 hours. Between the two shifts, was able to make the note payments on the $700,000 loan.

Then came Uber. 

Slowly, but increasingly, the fares were fewer, and the lease payments less. Now he is struggling. Really struggling. He likes what he does for a living. It is in his blood. He doesn't know what else he could do to support his family. But he is not taking home enough to pay his family's living expenses plus the note and operating expenses.

We sat down and developed a short-term plan and a long-term plan. Learn about bankruptcy. This is not easy for a man to swallow, but doing nothing is worse. Having no plan is allowing yourself to be tossed on the waves. 

No Comments

Leave a comment
Comment Information
Arrange a Free Consultation Now ยป

Free Initial Consultation - Credit Cards Accepted

The secret to our success is that we care about our clients. Contact us online or call our law firm at 718-514-9512.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit Our Office / Connect With Us / Review Our Firm

1200 South Avenue, Suite 201
The Corporate Park Of Staten Island
Staten Island, NY 10314

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

7317 13th Avenue
Brooklyn, New York 11228

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

silawfirm.com

Leave a review

Review Us
Back to Top