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?
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.