decorbydee
Joined: 05 Jul 2005
Posts: 2
|
| Posted: Tue Jul 05, 2005 1:49 am Post subject: need help on loan consolidation |
|
|
Husband & brother owns house, husband pays ALL of the mortgage ( well I help hubby pay mortgage). His brother has paid nothing for 7 years and has only started paying $300 since last September at my insisting. So now we want to refi, actually we have already & have been aproved, but we also want to consolidate other bills and make it all one payment. So we are signing this coming Wednesday.
We cut up the credit cards 2 years ago & havent used them since! So we are trying to become debt free & if we do this I will be able to pay twice the monthly payments to the new loan. Does my BIL have to sign anything? Even though the new loan is in mine & hubbys name, BIL & his wife will still be on the new title, the four of us will, instead of just hubby & his brother, though I am not comfortable with this at all...
I am worried how to go thru with this loan should BIL refuse to sign? Is there a way to get him off the title once and for good? I thought by adding his wife he'd sign, but he is a drunken deadbeat that recently filed bankrupcy. You see we didnt force him to pay his half of the mortgage these past 7 years so he could get caught up on his CC bills, well he never did and he never will, & I dont want to loose this house. and hubbys parents live with us too, they pay more than thier share. Any advice? Other than sell the house - which we thought of doing...
And My husbands brother wont sign the quitclaim, as he wants his cake & eat it too. I talked to him a bit, he seems to think that we can get a consolidated loan and the payments will be just $150 more besides insurance ( no PMI), but the interest rate is lower too. We have a MBNA cc that is 28% financial charge, and in a month they are going to charge double the min!! So instead of us having to pay $350 we'll have to pay $700, just to that one card. THAT is just that card, the others are following suit, so I thought this was the best way. When I married my hubby 3 years ago we killed the cards and have been paying the debt ever since.
ANYWAYS, I thought, I could tell my brother in law if he doesnt sign to this new loan he will have to pay 1/2 the mortgage, plus $100 to pay us back for what he owes us. If he does sign, his rent will stay the same. Also I will tell him if he doesnt sign, we will take him to coaurt to have him removed from the loan & the title, So we are attempting to buy him out first, for awhile. Later we'll go to court anyways, either way, to have him removed, I just have to have this consolidated loan in place now, I am running out of time as I wont be able to do twice the mins on the cc's. We go to signing ( they come here) this wednesday.
I have every check that paid the mortgage from my husbands & my checking account since we first got the house in 1997. Brother in law can only proved he paid $300 since last September and he never gave us cash, he always gave us a check, Which I always took a copy of before depositing. I hope this works out & he'll sign, either way the lord is with us
. Also I meant to type that my BIL doubts that I can get this loan at the rate & monthly payments they have offered. Yet if hubby and I do get this loan, we will be able to pay 2 times the mortgage loan each month and still have $2000 extra we dont have now. Now we are doing a beans & rice type of living and its getting worse. We paid the mortgage and we earned the equity, BIL didnt pay but $300 a month for nearly a year, weve been here since 1997 ( I lived with hubby before marrying him, I had been widowed for 20 years, I wanted to make sure, and I am sure=) Also I am sure the lord will see us thru this, and will help us to deal with his brother, thanks Dee |
|
decorbydee
Joined: 05 Jul 2005
Posts: 2
|
| Posted: Wed Jul 06, 2005 12:41 am Post subject: |
|
|
| Actually no, I know we can go to court and have a judge order him to be removed, from the title & the loan. but I was trying to avoid that route. My sweet husband has heart failure & diabetes. BIL even gripped that my hubby was getting "free money" when he first got sick and was recieving social security, now my sweet husband is much better and working full time, but I never know if he'll be sick again with congestive heart failure. Now BIL tells us he wants to force sale this house ( on which he hasnt paid for - the $300 he does give us barely covers his share of water, G&E, telephone, cable & Aol. Never mind we pay for his food at times too). I think we are getting a real estate lawyer. Would still like others input, thanks Diana |
|
