no, there is 3 siblings... me, my sister, my brother..... its my sister's child. my niece was living with her mom BUT her mom lives in a 1100 sq ft house with her, her husband, her other 2 children (one is 20 and one is 4) and a grand daughter (daughter to the daughter who is 20) No room for any other soul in that house.
I'd really be curious what this property would appraise for. I was trying to get an idea of what it might be worth by looking on Zillow, but home prices vary wildly out there. Without knowing the square footage of the house, layout, or lot size I'd say it's a 190k-225k house based on the market...but who knows The market over there looks to be terrible though. There are more than a few houses out there that have been on the market for over a year. To add on nothing has been sold in 2013 or even in the past 12 months from what I could tell.
If you want to look it up, the address would be 8942 Nc Highway 43 N, Rocky Mount, NC They don't have the new house up there. You will see a small white house on the left and a yellowish looking home on the right. That was a doublewide my brother had purchased for my mom and dad live in. Since my dad's passing, my brother sold the doublewide and built this new house for her to live in as well. That estimate on the white house however is way too high. To give you a run down, the house has no aircondition, no heat, everything is old and falling apart. Only thing that makes this place any value at all is the yard is pretty nice. Both yards combined probably an acre or 1.5 acres.
He got himself in too deep in a weird situation. That said, if he can afford $5,000 a month for housing, the simple solution is to walk away. His credit is already bad so no harm.
So does he own all the land that both houses are on? If so, how will they deal with that aspect if he defaults on this house. How much has he really tried refinancing this thing? I would think with the amount of equity he has and the other house/land as collateral he could get something
I work for a lender and I can tell you that there are programs available to refinance with an "N/A" credit score/non-traditional credit. You'll just need to study what's available in your area.
How much does he have left to pay? If he can still afford 5k a month then sounds like he only needs to borrow < 100k.
Well my brother has contacted me this morning asking me to try to pre quality for a FHA loan. Sad thing is, both my wife and I are working now and would get approved for a loan but this would prevent us from pretty much getting any house in the future until my brother would pay off this current property. Oh brother.
stop bumping your own threads and figure out you and your family's financial situation on your own. you're a grown man with a zookeeper's son for crying out loud. oh, and lefty girl pants.
your brother put himself in this situation. it's not your responsibility to bail him out and put your own family's future in jeopardy. also, a quick way to put strain on a relationship is to have large amounts of debt. you're gonna end up trading your headache of a brother for a very unhappy wife.
This can't be stated enough...DON'T DO IT. Johndoe804 gave some sound advice...did either one of you follow it:
Your bro's problem, let him solve it. If you get involve anything with him now financially (borrowing), it is going to hurt you down the road. It is really hard to fathom that you brother owns 2 night clubs, but he has 0 credit. Has he ever rented a car, buy an airplane ticket, or go on an overseas trip!?!?!?!? Good Luck dealing with your brother, but don't mess your own's financial responsibility with his.
