what would you do if in this situation….?
myself and my brother purchased a home (duplex) together about 3 years ago (we both reside in it).. in the mean time he has married, him and his wife make about 5 times what i do (i am a single mom).. we are very much upside down in the loan but not behind at all in payments (we live in florida)(neighborhood is also not the most desirable)… i want to try and get out from the house either by renting it, short sale or deed in lieu avoiding foreclosure at all costs… all him and his wife do is complain about the home yet they dont want to try and get out of it.. i have even offered him my half (quick claim deed) to just let me go on my way (so he can have it to do whatever he like, rent or what not)… re-finance is not an offer i have checked and we dont qualify.. also.. my brother in my opinion is very mentally unstable.. all he does is preach how the government is corrupt and luciferianism ??? he’s storing food and saying the world is coming to an end.. him and his wife live in this “doom and gloom” state…
what would you do if in this situation.. i feel stuck.. (i obviously should of never went in on an partnership like this with my brother)
the only reason i mention his mental issues.. is cause its miserable for me to have to live next door to such a loon.. seriously he’s on the verge of being commited to a mental ward..
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Ya got 3 options.
(1) Sign a quit claim deed, and walk away. Leave it to him to settle and hope he doesn’t sue.
(2) Hire a lawyer, go to court, initiate a partition suit to sell the property. Expensive and not a sure thing
(3) Play the lotto, keep paying and hope something changes.
Why don’t you qualify for refinancing? Since it is co-owned, you of course can rent out your half. Discrediting your bothers mental stability brings no value to your arguments, so you may want to change your tactics.
A quit claim does not automatically relieve you of your obligation to the lender.
this is tough.
Your easiest bet is to rent out a room for extra income. Fix the place up to increase the value.
Then, if your brother will not agree to it, you can (depending on your state) possibly petition the court to partition the ownership of the property. Then you can sell your half and “buy out” your responsibility of the mortgage.
I would consult an attorney to find out if I could sale my share to someone else and at the very least I would rent my half out. At this point your brother seems to be beyond reasoning with.
Ask him buy you out , anyway its your only option, besides he is very aware
as to what the Govt is doing.
It appears you are stuck.
Pray for a big wind. Your options are so limited I can only say tell your brother either buy your part or quit paying the loan and save your money for something else or tell your brother when the gloom doom starts to GO AWAY and take the other idiot with you. He’s to comfortable. In order for ANYONE to change they must first become ‘uncomfortable with their present situation. That’s the best I have, good luck in these hard times
sorry your brother is out there first go and talk to a lawyer that knows this kind of stuff when you do ask him questions that you need to have answered i hope all works out well for you and your child i am in a situation but the house is in my parents name and my sister who lives there rent free doesn’t think she should pay rent at all!