Hi All
This is my first time to post, I hope someone can help me out. Briefly, my parents re-mortgaged there home some years ago to help out one of my brothers, with the understanding that he would keep up the repayments.
He has not fulfilled his side of the agreement, my parents are in there 60's, neither work, they get 300 euro a week into the house from social welfare.
The repayments are around 800 euro a month, I have asked my other brothers and sister to help out, there are 9 of us, but no one is willing to help my parents out apart from me. Without going into that side of it, I have decided to help them out as best I can.
I don't have any spare funds at the moment, whenever I do, I give my dad odd jobs, I even make work for him and then pay him.
This is the low down on what is owed
150,000 over 20years, repayments are around 800 euro a month, the house is in 2 of my brothers names, one is giving my mum 40 euro a week and the other nothing, the one who gives nothing doesn't live there.
I have suggested to my parents to sell the house, its valued at 320k, but my mum won't, she has said it is all she has. I offered to buy it, but I can't afford 320k, and I would have to pay inheir' tax.
I have also suggested meeting with the bank and asking about paying interest only, but before I do that, I would be grateful for anyone's advice.
Many thanks
This is my first time to post, I hope someone can help me out. Briefly, my parents re-mortgaged there home some years ago to help out one of my brothers, with the understanding that he would keep up the repayments.
He has not fulfilled his side of the agreement, my parents are in there 60's, neither work, they get 300 euro a week into the house from social welfare.
The repayments are around 800 euro a month, I have asked my other brothers and sister to help out, there are 9 of us, but no one is willing to help my parents out apart from me. Without going into that side of it, I have decided to help them out as best I can.
I don't have any spare funds at the moment, whenever I do, I give my dad odd jobs, I even make work for him and then pay him.
This is the low down on what is owed
150,000 over 20years, repayments are around 800 euro a month, the house is in 2 of my brothers names, one is giving my mum 40 euro a week and the other nothing, the one who gives nothing doesn't live there.
I have suggested to my parents to sell the house, its valued at 320k, but my mum won't, she has said it is all she has. I offered to buy it, but I can't afford 320k, and I would have to pay inheir' tax.
I have also suggested meeting with the bank and asking about paying interest only, but before I do that, I would be grateful for anyone's advice.
Many thanks