I Have a HELOC Loan Against My Brothers House. I Can’t Make Payments. – Junior
 | By Steve Rhode Ask me your question. |
|
“Hi Steve,
Last year I started the process to buy a house with my domestic partner but 4 days before the closing in nov. 2008 I lost my second job since then I been trying to find a second job (part-time/full time) without look, since then I have add about $20,000 in debt. but I also have a HELO for $60,000 on my brothers property which I’m also co-applicant. I stop making payments on everything a few months ago. I’m about to go in foreclose for the house the I bought in nov. but my mayor problem is my brothers house, that because I stop making payments he could lost his house.
Is any way that I can avoid that?
Junior”
Dear
I had the following questions that I’d like for you to answer before I can answer your question. Please post your answers in the comments section of your question. I’m looking forward to helping you for free.
- Do you have any money coming to that you can use towards the home equity line of credit (HELOC) payments on the loan against your brother’s house?
- Can your brother cover all the payments on his house including the HELOC loan?
As soon as you can post the answers to my questions above I’ll be able to help.
If any reader wants to offer advice in the comments section please feel free to participate.
Big hug.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Source: I Have a HELOC Loan Against My Brothers House. I Can’t Make Payments. – Junior
Other Related Articles to Read
Comments
Comment by junior Thank you Steve, I went there but could no see the manager, I spoke with a rep from the collection department, what they told me is that they can’t do any arrangement because is a HELOC they only do on mortgage. They also told me that I should keep it under the 60 days delinquent which I do until I can start receiving more income.
Regarding the rest of my debt which is about 20,000 in credit cards, a mortgage what could I do?
If I declare my selft in bankruptcy will this afect other people because I’m a cosigner for my brother’s house and my fiance auto loan.
Steve Rhode Reply:
September 17th, 2009 at 7:17 am
Junior,
You know, there is a chance that you could go bankrupt but you’d have to coordinate it with a local bankruptcy attorney and discussions with the HELOC lender on your brother’s house.
The situation is complicated, but not necessarily impossible to work out with bankruptcy.
Find a local bankruptcy attorney you like, make an appointment and go sit down with them face-to-face and talk through the situation.
Steve
Leave a comment
Do You Have a Get Out of Debt Question You Want to Ask?
I'm happy to answer any question you have about how to get out of debt, as honestly as possible by sharing with you my experience and truth that I learned from helping thousands of people to get out of debt. Don't be shy, if you need help, ask now, click here.And if you want to follow the latest questions and answers, just subscribe to my site RSS feed or get the email newsletter for free.
Hi Steve, for the moment I don’t have any money that I could use to pay for the HELOC. 2. My brother also has his own debt problems and the money that he made is to cover the house and utility bills. I have call the credit union on which I have the HELOC but the people there can give me i’m answer they don’t know if I could do an arrangement on the payments until I get back on track and told me to call the manager for collection but he never gets the phone and I have left several mesages but never calls back.
I have been looking for a second job but still not luck; also I put an apartment that my house has for rent to see if that could help.
[Reply to This Comment]
Steve Rhode Reply:
September 16th, 2009 at 9:28 am
Junior,
Rather than leaping way ahead to conclusions, let’s get some straight answers from the collection manager at the credit union.
I want you to schedule a face-to-face meeting with him and go in and see what is possible. Be proactive and show a willingness and intent to address the situation.
Give me an update once you have that meeting and based on what happens, I’ll give you the next steps to follow.
Sound reasonable?
Steve
[Reply to This Comment]