How do I get equal share of equity loan?

I own the house with my brother. When we bought the house it was 280000. With down payment of 60,000. The first mortgage was 220000. My brother helped me to pay mortgage with 800 dollars per month. Recently we took equity loan of 80,000 but he used all the 80,000 for himself to buy business. We are trying to sell the house so we can get rid off all the problems. The house value is declining and therefore we are getting only 276,000. Which doesn't pay off our equity. If I sell the house I won't get anything in my hand because of equity but my brother will get business that's paid. What should I do to get my equal share of this house?

sweeney · Posted: Tue Aug 05, 2008 7:06 pm Post subject:

Sounds like he used more than his share of the equity. If the value has dropped, there's not much you can do. If you sell at that price, he would owe you some money, depending on your agreement to split the equity.

brian1 · Posted: Tue Aug 05, 2008 9:08 pm Post subject:

Agreed you allowed hiom to use your half and now will have to get it from him.

Good Luck
Brian

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