Myself and my two sisters inherited my mothers home after her passing. For reasons concerning her spouse, who does not own the property but has had the legal right to live there, the house has been in a sense untouchable until only just recently.
My step-father recently decided to move out of the house and the state, leaving the option to sell/rent on the table.
Up until only recently, we had come to an agreement that I was going to buy out both of my sisters shares, by method of payments and one sister after the other.
I have invested about $15k over the last year into the house, fixing various issues, renovating and updating the property. I have secured a long term tenant, who’s first payment will be due this coming week. After taking out expenses I’ve put into the house for repairs and maintenance, minus the existing mortgage... our individual shares comes out to less than $20,000 each to buy them out.
For reasons I’m not completely in agreement with, they have both reneged on our previous buyout agreement and are demanding full payment now or threat of taking the issue to court.
My primary means of income is Service Industry, and my Secondary source of income is a small business which the income is not entirely reported. Because of my low reported income, I think qualifying for a Home Equity Loan May be difficult, as my proof of income may not be sufficient.
I have a 800 credit score, through all of my various credit cards I have at least 72k in “available credit”. Putting 40k in debt onto credit cards would likely cripple me though and is out of the question.
What other means of obtaining a roughly 40k loan that can be paid off over a period of at least 5, but preferably 10 years might I be able to secure?
Submitted September 09, 2018 at 08:32AM by ChrisIsBored https://ift.tt/2N1prT2
