It looks more like weedwacker damage to me. The easiest way to kill a young fruit tree is with a weedwacker. Scott

I agree with Tn_Tree_Man that a drop-crotching/reduction cut would be the preferred solution for this situation. But, if you do decide to keep the split crotch for a while (it's not gonna last forever), I would rework that rodding job. It's hard to tell scale by the picture, but it looks like you could go up in size just a little. Go get you a stainless steel threaded rod (I'd probably use two) a little larger than what you have. They should be hard to find, and somewhere like Graingers carries them, if they aren't available at your nearest big-box store. The next change would be to carefully trace around the washers (similar to what you have now or thicker) with a knife and remove the bark under the washers. You want those washers against xylem (not the bark), and I would try to embed the washers so the outer edge is approximately equal with the outer edge of bark. This will give you a lot better support and allow the tree to start covering over that wound (and the hardware). One you get the washers seated properly, cut the rod off flush with the outer edge of the nuts. In a short time, the tree will cover over the hardware and rodding wound, but your crotch is still gonna be a magnet for rot. Maybe you'll get a decade or so out of that trunk before significant rot leads to failure.

Let me clarify what I mean by removing the loose bark and debris with your fingers. I'm not saying to peel the bark off, but break off the loose dried out bark over the dead parts of the trunk. No peeling, as you could easily start to peel off live bark still attached to the dead bark. I prefer to push in on the dead bark until it breaks off, instead of pulling out on it, since that could lead to it peeling off instead of breaking off. If you leave dead bark over the area it will obstruct and slow the progress of the live wood from surrounding undamaged areas growing over the dead damaged parts. Not to mention all the potential for harboring disease and pests as well as a trap for water in the winter and causing more damage. There have been many studies that demonstrate cleaned out physical injuries to trees heal much faster than those that aren't cleaned out. Also, I'm only talking about the bark and any loose debris! Don't cut out or try to clean out the exposed heartwood(the solid dead looking inner trunk when you take off the dead bark)! Again, the rounded off, maybe even swollen looking areas surrounding the damage is live wood growing over the dead area and don't mess with that part nor peel any bark off of it!

Sorry but with a rope holding it together, and the stated worry about it falling on the house it looks like it is time for this tree to go. But without pictures one can not say for sure. If it looks dangerous, it probably is and it is time to have a certified arborist take a look ASAP.