CocoBolo Posted April 10, 2010 Share Posted April 10, 2010 My newly married daughter asked me to Co-Sign the mortagage for her and new hubbie only $185,000. Being married myself and no its not her mom I had to discuss it with the wife. Well the wife is animately against it, my attorney said hxll no, and I want to help my daughter, I would even sell a few guns to do it. Of course only a fool would co-sign a note in the best of circumstances, and I would only do it if co-owner. What I hate is I'm going to have to say no, they won't understand it and it will hurt our relationship, but its better than me having to move in with them. Link to comment Share on other sites More sharing options...
Canuck223 Posted April 10, 2010 Share Posted April 10, 2010 Unfortunately, this isn't about the two of you. It's about the four of you. You'd be better off to gift your daughter what you can afford, and let them find the place THEY can afford. Link to comment Share on other sites More sharing options...
Paul Santiago Posted April 10, 2010 Share Posted April 10, 2010 Unfortunately, this isn't about the two of you. It's about the four of you. You'd be better off to gift your daughter what you can afford, and let them find the place THEY can afford. +1 if they need you to co-sign..... it might be too much for them to afford and YOUR credit is on the hook. Link to comment Share on other sites More sharing options...
Tom S. Posted April 10, 2010 Share Posted April 10, 2010 You have already received some good advice - especially from your attorney - but it's hard to say no to your kids. Consider helping them with a down payment that wouldn't require them to get a co-signer, either on that house or one more affordable. Unfortunately with the real estate bubble burst, a lot of lending institutions are gun shy about loaning anyone anything other than "A" credit folks. Because of this, you might have them seek financing elsewhere, such as at a credit union or through the government (FHA). Link to comment Share on other sites More sharing options...
GrumpyOne Posted April 10, 2010 Share Posted April 10, 2010 I saw the title and thought, Man, his wife found out about his GF! But, it's worse than that! Link to comment Share on other sites More sharing options...
G-ManBart Posted April 10, 2010 Share Posted April 10, 2010 Ouch....money and family isn't always the easiest situation! Link to comment Share on other sites More sharing options...
MarkCO Posted April 10, 2010 Share Posted April 10, 2010 Unfortunately, this isn't about the two of you. It's about the four of you. You'd be better off to gift your daughter what you can afford, and let them find the place THEY can afford. With today's credit crunch, that is not necessarily true. 3 years ago, when we started looking for a new house, making 25% LESS than when we bought our new home a year ago, I "qualified" for 80% MORE mortgage. Link to comment Share on other sites More sharing options...
SiG Lady Posted April 10, 2010 Share Posted April 10, 2010 I would hesitate to do the co-signing thing. Let the newlyweds live together (rental) for a time--you at least need to see if the marriage itself is going to stick--and have them do more research on home financing and financial planning, whatever their income projections are at the moment and for the next year or so. The home-buying idea seems a bit premature. They needn't rush into this. And neither should you. Link to comment Share on other sites More sharing options...
Nik Habicht Posted April 10, 2010 Share Posted April 10, 2010 Or, if this feasible on both a space and commute front, have the newlyweds move in -- so everyone can save money for a larger downpayment..... In my (very limited) experience, financing problems disappear with a 20-25% downpayment, which should leave an affordable mortgage..... Link to comment Share on other sites More sharing options...
CocoBolo Posted April 10, 2010 Author Share Posted April 10, 2010 Financially I think they are solid, just an issue with tax returns when his parents partnered with him in the ranch and he wrote all of the ranch expenses off his taxes which is the bassis of a mortgage income qualification. Yes I know, it ain't right but its an american paradigm. What make me hate it so much is I asked my mom for a little help one time after the divorce when my loan papers got bogged down with idiots at BOFA, and I got a foreclosure notice but while she could have she didn't. So I was angry with her for about 10 years god rest her sole, I sure miss her. So I don't want to be like that. Risks yes, win no way either way its bad. As a co owner he can't divorce me off the property and a judge has no jurisdiciton over my interest in the property in fact the law from hell is third parties can't be harmed by a divorce proceeding that is why some many people are facing debt awarded to the ex=spouces. Link to comment Share on other sites More sharing options...
GrumpyOne Posted April 10, 2010 Share Posted April 10, 2010 A wise old man once told me (It was my Dad... ), "Never loan money to your friends and expect it back and also to keep them as friends. Never loan money to family, as you can't expect it back. It's better to just give the money to family member, than to loan, that way you don't feel angry or mad when they don't pay it back." While all that is said, he has never loaned or given me any money! Nor have I ever asked for any, because I know the response. Link to comment Share on other sites More sharing options...
Nik Habicht Posted April 10, 2010 Share Posted April 10, 2010 If he's self-employed -- that's enough for mortgage lenders to consider him to be a greater risk than someone who's got a steady paycheck coming in..... Sucks, but you're back to the big downpayment to make that go away.... Link to comment Share on other sites More sharing options...
Viggen Posted April 10, 2010 Share Posted April 10, 2010 No - IMO They are seeking to take on debt not uphold an existing financial arrangement. If they have a problem with a no on such a financial matter they need to mature, grow up, a bit more. People in the real world don't get everything they want - now. People have to work for it. It takes time. Better to let them work and save for a while. Let them see if the marriage can last a bit. Besides, it is very possible that the real estate market in this country will not see the end of decreasing housing prices for several years. Link to comment Share on other sites More sharing options...
3quartertime Posted April 10, 2010 Share Posted April 10, 2010 This has obviously devolved into a discussion. Closed... Link to comment Share on other sites More sharing options...
Recommended Posts