is there any way out? Bf's name stuck on a mortgage for the sake of his family
This is a complicated situation of which I do not know all the details.
My 33yr old boyfriend bought his parents' house 3 years ago. His father's company went bankrupt and the bank repo'd the house. His family did not know what to do, his father was undergoing a severe depression, so his brother decided to try to buy the house but his credit was not good enough. My BF ended up having credit god enough to take out a mortgage to buy the house so his parents could continue to live there. He moved back home.
I do not know what the exact agreement was, but I think his mother, father and youngest brother that was still living at home, were supposed to pay most/maybe all of the monthly mortgage as well as the property taxes. Lately, his family has not been coming up with enough money to cover the payments and didn't contribute anything towards the property taxes. Since my BF's name is on the mortgage, he always has to come up with the money. The stress of dealing with this is ruining his life, his finances, his relationship with his family, and is hard for me to understand. What sort of a family would ask this of their child? Are they not aware of how this is ruining him?
I'm trying to see a way of this for him, but there is no good solution. He cannot think of turning his family out, and even if he sells the house he is at a financial loss. His parents argue that the high utility bills prevent them from coming up with the money. His youngest brother (25?) hasn't had a job for months.
I do not know what kind of conversations he has with his family, although I understand that contact has been minimal lately.
Is there any way out? If these were random renters they would have been evicted, but it is his family, he could never do that to them.
Anyone have any advice??