Posted on: 15th Mar, 2011 04:09 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). Maybe a private loan or a "hard money" loan or something along those lines?
I should mention that both my brother and I are presently on the title to the home, however he will remove himself once he sees that it is possible for me to get him his money.
My income is roughly $2500 to $3000 a month, but again, this can't be verified.
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). Maybe a private loan or a "hard money" loan or something along those lines?
I should mention that both my brother and I are presently on the title to the home, however he will remove himself once he sees that it is possible for me to get him his money.
My income is roughly $2500 to $3000 a month, but again, this can't be verified.
Welcome l0rla,
With a credit score of around 500, it will be difficult for you to qualify for a loan. However, there are chances that you may qualify for a private or hard money loan. You'll have to contact the local lenders who offer such loans and apply for it. If you meet all the required criteria of such a loan, then you will be able to get that loan. However, such loans are available at a higher interest rate.
Thanks
With a credit score of around 500, it will be difficult for you to qualify for a loan. However, there are chances that you may qualify for a private or hard money loan. You'll have to contact the local lenders who offer such loans and apply for it. If you meet all the required criteria of such a loan, then you will be able to get that loan. However, such loans are available at a higher interest rate.
Thanks