Posted on: 15th Mar, 2011 03:51 pm
My brother and I inherited a house from my father when he passed away. I was living with my father at the time of his passing, as I was taking care of him. The house is free and clear, with no liens against the property whatsoever.
The house is worth about $150,000, and now that my father has passed away my brother wants to sell the house and get half of what it is worth.
I'm currently living in the house, and do not want to sell it.
He told me he is going to give me 6 months to come up with $50,000 or he is going to file a petition to have the house sold (which he is legally able to do).
My credit is terrible (just over 500) and I work for myself so my income is virtually impossible to verify.
Does anybody have any ideas on how I can get a loan/mortage for $50,000 on a free and clear home that is worth $150,000 (and that is low-balling it's value).
The house is worth about $150,000, and now that my father has passed away my brother wants to sell the house and get half of what it is worth.
I'm currently living in the house, and do not want to sell it.
He told me he is going to give me 6 months to come up with $50,000 or he is going to file a petition to have the house sold (which he is legally able to do).
My credit is terrible (just over 500) and I work for myself so my income is virtually impossible to verify.
Does anybody have any ideas on how I can get a loan/mortage for $50,000 on a free and clear home that is worth $150,000 (and that is low-balling it's value).
I should mention that I do not have anybody to co-sign with, and my income is roughly $2500 to $3000 a month (but again, this can't be verified).
My brother and I legally own the home right now and are both on the title to it.
My brother and I legally own the home right now and are both on the title to it.
Hard Money (private lender) will be your only option
expect to pay a LOT and have a very high interest rate
It will either be that or sale
a local broker should be able to point you in the direction of someone in your area -
expect to pay a LOT and have a very high interest rate
It will either be that or sale
a local broker should be able to point you in the direction of someone in your area -
