Dec '06 brother-in law begged(BIL) begged me to purchase his home so he can cash out his equity and promised to buy the home back in 6 mos. During this time he promised to make all mortgage payments.
9 mos. have passed and has advised me that he cannot get a loan to purchase back the home. BIL however has been making all mort. payments as he promised.
The home is not worth what he sold it to me and now I'm stuck holding an over-valued property.
How can I recover some of the equity from BIL to make my situation even?
BIL is still a tenant but only have a verbal agreement for his occupancy.

