Potential good news for me about my debt

Avatar for donovansmommy2000
iVillage Member
Registered: 03-26-2003
Potential good news for me about my debt
4
Mon, 03-31-2003 - 10:05am
This sounds too good to be true, so I'm still not planning for it to really happen.

My brother has a 3 family rental property that he's refinancing. After the refi, he's getting a home equity line of credit b/c he needs to put a new roof on the place, and he's offered to put my $7000 in debt on his HE loan and have his tenants pay off my bills!

It sounds crazy to me, but he clears over $1000 a month on the house as it is, so his tenants should have the roof and my bills paid off by the end of the year!

If this all works, I'll be able to put about $500 a month in savings! If not more!

Of course I'm still just going to keep snowflaking & being careful with my money in case his plan falls through.... It's definitely a nice surprise though. I have a great brother!

iVillage Member
Registered: 03-26-2003
Mon, 03-31-2003 - 10:26am
I will keep my fingers crossed that it works out that way. You do indeed have a super brother. Having some savings on hand is always nice, but hard not to spend. LOL

Tam

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Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Mon, 03-31-2003 - 10:29am
Sounds like a great brother. I'll keep my fingers crossed that this will work out for u.

MYM

iVillage Member
Registered: 03-26-2003
Mon, 03-31-2003 - 10:54am
Wow! What a nice brother! I'm still not sure how that will work... so will the tenants actually be making the HE loan payment? Or are they just paying rent and your brother will make the payments? Either way, that's super nice of him to help you out like that!

Congrats! And I'll keep my fingers crossed!

Sharon

 

Avatar for donovansmommy2000
iVillage Member
Registered: 03-26-2003
Mon, 03-31-2003 - 11:32am
My brother will make the payments for the mortgage & HE with the rent that the tenants pay him. So technically he's still paying it all, just with their $$.