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Earlier this year in Feb when house prices were through the roof my Dad bought a house because he thought it was a good time. He bought it for 1.1m and to get that he got 2 private mortgages one at 6% for 600k and one at 12% for 300k so its around 7-8k just for the mortgages. He had 100k saved and he borrowed 100k from a friend to make it 1.1. He is trying to get a regular mortgage from the bank at a normal rate but his credit score isn't the best so its not really working out. The house is in 3 names, my Dad(50%), my Mom(49%) and Me(1%) because he wanted to use my credit. He doesn't expect me to pay for the mortgage but just help out whenever. He has his own company and also works for another company and makes around 100k\/y max. My mom doesn't work so its pretty much only him who is paying for it. The house is down more than 10% already so selling is gonna be a big loss for him. I don't know what to tell him because I know he can't keep paying that insane mortgage every month. Any advice? This is in BC<\/p>\n
Edit: for those of you saying that my mom needs to get a job, both my parents are immigrant and from their culture the man works and the woman stays home to take care of the kids\/house\/cook. I don't think she's willing to work.<\/p>\n
Edit2: just adding more info because a lot of questions. We are a family of 7 all living in the house of 4 bedrooms. My dad works, mom is SAH mom, I work, 1 of my siblings now work aswell, 2 siblings in Uni and 1 in HS. Siblings can work and will no doubt get a job to help if needed. It is a duplex we own one side and there is no space to rent out, dad uses garage for his own job.<\/p>\n<\/p><\/div>\n
submitted by \/u\/vAbstractz <\/a> Earlier this year in Feb when house prices were through the roof my Dad bought a house because he thought it was a good time. He bought it for 1.1m and to get that...<\/p>\n","protected":false},"author":1,"featured_media":24127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/27786"}],"collection":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/comments?post=27786"}],"version-history":[{"count":0,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/27786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media\/24127"}],"wp:attachment":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media?parent=27786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/categories?post=27786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/tags?post=27786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
[link]<\/a><\/span> [comments]<\/a><\/span>Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"