Don't agree to sell until you reach agreement with Bank in writing on shortfall first,Suggest trying to sell the house first. See if:
1) your brother will agree to this.
2) the bank will agree to this.
Ideally, agree to a voluntary sale in exchange for a write-off of the shortfall. Failing that, force through the sale anyway. Chances are, that after all this time, the bank won't chase you for the shortfall. Bankruptcy is a last resort, and it's too soon to play this card.
Well it depends on the interest rate.So if you bought a house 10 years ago for 150K paid interest only for a few years and then stopped paying you would now owe 280k ?eight years later?
Thanks for this advice. I think I’m going to approach the bank with this. Before I do though I need to know what costs I would incur if I sold property. Would you have any idea?Suggest trying to sell the house first. See if:
1) your brother will agree to this.
2) the bank will agree to this.
Ideally, agree to a voluntary sale in exchange for a write-off of the shortfall. Failing that, force through the sale anyway. Chances are, that after all this time, the bank won't chase you for the shortfall. Bankruptcy is a last resort, and it's too soon to play this card.
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