Posted by JohnBoy on October 15, 2004 at 22:36:33:
You say you have some savings and unemployment where you can make the payments. Both of which will run out in a short period of time.
How many payments will your savings cover before it runs out? 1? 2? 5? 7? ???
How long before you are back to work? How can your brother-in-law be assured of that?
Let’s face it, you were facing foreclosure 7 months ago. So that would indicate you couldn’t have much in savings after facing foreclosure just 7 months ago. Otherwise you wouldn’t have been facing foreclosure if you had savings at that time.
Your brother-in-law bailed you out once already 7 months ago. Now you’re facing the same possibility since you are laid off from work. Is he being irrational about his credit being ruined? I hardly think so! It takes an average of 3 - 6 months to sell a house. What is he suppose to do? Wait until you run out of savings and hope you get a job before you can’t cover the payments??? He has every right to be worried.
BTW. How does he know you are laid off? Did you tell him? Why? Is it because you are having a problem with making the payment now? Were you trying to get him to let you slide on a payment or partial payment or something that you told him about your problem with being out of work?
Couldn’t you have just not said anything about being laid off and just make the payments as agreed? It sounds like there is more to this than you are telling us.
But since you are laid off right now, why not just go get a job so you can show him you are working and cover the payments. Wouldn’t that solve the problem for now?
The fact that you are making the payments means nothing. You don’t own the house anymore. He does! It’s his house, his loan, his liability. You are just merely a tenant living in his house. Everyone that rents is paying the landlord’s mortgage payment that comes from their rent paid. If a renter can’t make the rent payment do you think there is anything they can do to stop a landlord from selling his property because the tenant’s rent money paid the mortgage, taxes and insurance? Not hardly. You are no different in this case. You are just a renter at this point. If you miss a payment or you are late on a payment your brother-in-law can evict you from the property.
If you want to remain in the house I would suggest getting a job ASAP even if it’s a job you don’t like or that pays less than what you are used to earning. Right now you need income to support the mortgage and not just wait around depending on some savings and unemployment to cover it. That is not going to last long and that puts your brother-in-law at a lot of risk. It’s not his problem. This is your problem that is going to cause him a big problem if you can’t get a job before your savings runs out.