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Bank pending loans; can I make it?


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I have a bank loan with a certain collateral; my car and my house and lot. My loan is quite in big amount with a certain 2% interest per month. For the last 6 months I haven`t paid any amount for that loan. The bank send me a demand letter giving me another six months to settle any unpaid balance for my loan. If I can`t make it then my car and property will belong already to the bank.

I lost my job 8 months from now already and still finding one. I`m a Veterinarian and own a piggery for somehow but due to some reasons it went unfavorable. The downfall of my business brings me a lot of fund trouble.

I have a certain friend who is willing to help me pay that said loan in exchange for the collateral with a much more higher interest than the bank. I think he`s grabbing the opportunity during this time and I think he has the interest in my property.

My question are; Am I going to accept his offer? How about if ever I could find funds during that 6 months allotted time?

If ever I won`t accept his offer and time will come? What would be the best way to pay my bank loan?

Thanks for replies and your help.

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