SISTER Wives stars Kody and Robyn Brown are desperate for an urgent $150,000 loan against the value of the new home they bought only eight months ago, The Sun can exclusively reveal.
Kody, 51, and Robyn, 41, applied for a home equity line of credit in the amount of $150,000 on March 20, 2020, according to Arizona court documents obtained by The Sun.
The legal document revealed there was urgency to the deal, as the court papers read: “Time is of the essence in the performance of this Deed of Trust."
The money was of such necessity that the couple agreed in the official county documents to "waive" their rights to Arizona’s Homestead Exemption.
The Homestead Exemption would protect $150,000 of home equity should Kody and Robyn file for bankruptcy in the state, as this is catalogued as their "primary residence."
The maturity date on the flexible interest home equity loan is April 23, 2050, with TFC National Bank listed as the beneficiary or lender.
The request was approved on March 31, 2020.
Jay Luchs, a premiere real estate expert in Los Angeles, told The Sun: “People are going to do whatever they can to get through this economic crisis, including taking home equity lines of credit against their houses and condos as they are able to.”
But because she and Kody purchased their home, as The Sun documents reveal, they were able to leverage out all the equity in it to help support the other Brown wives and children.
The couple purchased their rustic 5-bed, 4-bath, 4,395 square foot home set on 2-acres in Flagstaff, Arizona, back in August 2019.
At that time, they plunked $225,000 down towards the $890,000 purchase price.
As Sister Wives viewers know, Robyn was against purchasing the home, as she felt it was a “betrayal” to Kody’s three other wives, Meri, 49, Janelle, 50, and Christine, 48, and their children.
Robyn, who shares five children with Kody, feared buying instead of renting would stall the family from building on 4-acre property they purchased in June 2018 for $820,000 called Coyote Pass, which was split into four parcels of land.
Kody even threatened to dissolve his partnership with Robyn, his only legal wife, over the fight, and admitted he “bullied” her into buying the home.
Kody has a history of financial trouble.
They admittedly sold their home in Lehi, Utah at a substantial loss after leaving the state in 2011, citing religious persecution after the attorney general reportedly began investigating the polygamist family.
Their TLC reality show chronicled their Las Vegas real estate debacle where Kody and his four wives struggled to sell their cul-de-sac homes amid a downturn in the market.
On the January premiere of Sister Wives, Kody’s third wife, Christine, told the cameras, “financially, we’re drowning.”
Kody added: “Basically we’re paying four, no five mortgages with the Coyote Pass property.”
While the four homes in Las Vegas eventually sold, it was for well below asking price.
Meanwhile, in 2018, Christine, mother of six, purchased a three bedroom, three bathroom home in Flagstaff for $520,000.
Two of the Sister Wives, Meri and Janelle are living in rentals for approximately $3,000 each per month.
Kody has a total of 18 children between the four families.
They have yet to break ground on their dream property to create a polygamist paradise of four large homes on the expansive Coyote Pass Property.
Source: Read Full Article