Sister Wives stars Robyn Brown and Kody Brown are desperate for an urgent loan of $150,000 against the value of the new house they bought just eight months ago, The Sun can reveal exclusively.
Kody Brown and Robyn Brown have applied for a home equity credit line in the amount of $150,000 on March 20, 2020, according to Arizona court documents obtained by the Sun.
The legal document revealed the urgency of the agreement, as stated in the court documents: “Time is essential in the execution of this act of trust”. The money was so necessary that the couple agreed in the official county documents to “waive” their rights to the Arizona exemption.
The Homestead Exemption would protect $150,000 in equity in the event that Kody Brown and Robyn Brown were to declare bankruptcy in the state, since this is listed as their “primary residence.
The maturity date of the flexible interest rate loan for the home is April 23, 2050, with TFC National Bank listed as the beneficiary or lender. The application was approved on 31 March 2020.
Jay Luchs, a Los Angeles real estate expert, told The Sun: “People will do everything they can to overcome this economic crisis, including withdrawing stock lines of credit against their homes and condos, depending on their possibilities.
But since she and Kody Brown bought their home, as The Sun’s documents reveal, they were able to leverage all the capital in it to help support their other Brown wives and children.
The couple purchased their 5-bed, 4-bath, 4,395-square-foot, 2 acre country house in Flagstaff, Arizona in August 2019.
At that time, they spent $225,000 less for the purchase price of $890,000.
As viewers of Sister Wives know, Robyn Brown was opposed to buying the house because she felt it was a “betrayal” to Kody’s other three wives, Meri, 49, Janelle, 50, and Christine, 48, and their children.
Robyn Brown, who shares five children with Kody Brown, feared that the purchase, instead of renting, would prevent the family from building a 4-acre property she had purchased in June 2018 for $820,000, called the Coyote Pass, which was divided into four plots of land.
Kody Brown even threatened to dissolve his partnership with Robyn Brown, his only lawful wedded wife, during the fight, and admitted that he “bullied” her into buying the house.
Kody Brown has a history of financial problems. They sold their house in Lehi, Utah, with a substantial loss after leaving the state in 2011, citing religious persecution after the Attorney General began investigating the polygamous family.
Their reality show TLC recounted their real estate debacle in Las Vegas, where Kody and his four wives struggled to sell their homes at a time of market crisis.
At the January premiere of Sister Wives, Kody’s third wife, Christine, told the cameras, “Financially, we’re drowning.
Kody Brown added, “Basically we’re paying four, not five mortgages on Coyote Pass property.
While the four Vegas homes were eventually sold, it was for well below asking price. Meanwhile, in 2018, Christine, the mother of six children, bought a three-bedroom, three-bath house in Flagstaff for $520,000.
Two of the Sister Wives, Meri and Janelle live in rental properties for about $3,000 a month.
They have yet to find land on their dream property to create a polygamous paradise of four large houses on the vast Coyote Pass estate.