OT - houses etc
Ok...so the in laws are looking to buy a house. And of course...they are looking to buy in the area we are now living. Shoot me now please. That's a whole other saga right then and there that I will spare all of you. They are not physically capable of owning/working on a house so I have reservations on that ideal anyway.
And their next brilliant idea....to buy the house outright w/ inheritance money if they find a cheap enough place, but put it in Brians name. And/or have us co sign for a mortgage on a house with them.
My stance on it is that we are looking to buy a house probably some time late next year.
I believe, with my limited knowledge that having our name on property, bought out right or with a mortgage will hurt us in our hunt for a house next year. Brian is unemployed and we plan to keep it that way so he can be a stay at home dad. So now....wouldn't it look like we would be having two mortgages and/or owning a house (which comes with tax payments etc) on a single income with already less than perfect credit?
Who do I talk to - Brian wants stuff written in black and white either way - if it will help our credit, hinder our credit, help our mortgage application, hinder it etc.
Anyone know anyone in the business I could talk to or have websites that they have used that are reputable.
She (MIL) keeps pointing out people who "flip" houses...I keep saying these people buy the houses outright and resell them...not have 3 or 4 mortgages going at one time.
Ideas?? Info?? A gun?? My inlaws are those "toxic" people Shilpa was just referring to....so it makes it even more of a difficult situation to be in.
Pam
And their next brilliant idea....to buy the house outright w/ inheritance money if they find a cheap enough place, but put it in Brians name. And/or have us co sign for a mortgage on a house with them.
My stance on it is that we are looking to buy a house probably some time late next year.
I believe, with my limited knowledge that having our name on property, bought out right or with a mortgage will hurt us in our hunt for a house next year. Brian is unemployed and we plan to keep it that way so he can be a stay at home dad. So now....wouldn't it look like we would be having two mortgages and/or owning a house (which comes with tax payments etc) on a single income with already less than perfect credit?
Who do I talk to - Brian wants stuff written in black and white either way - if it will help our credit, hinder our credit, help our mortgage application, hinder it etc.
Anyone know anyone in the business I could talk to or have websites that they have used that are reputable.
She (MIL) keeps pointing out people who "flip" houses...I keep saying these people buy the houses outright and resell them...not have 3 or 4 mortgages going at one time.
Ideas?? Info?? A gun?? My inlaws are those "toxic" people Shilpa was just referring to....so it makes it even more of a difficult situation to be in.
Pam
Instead of complaining that the rosebush has thorns, be happy that the thorn bush has roses. 
Pam, all I know is if your name is on it, you are resposible for any problems, taxes etc. It sounds like a really bad idea to me. I'm sorry I wouldn't know who to direct you to, but it might be worth the cost of speaking with a real estate lawyer . I sure wouldn't do anything to encourage closer living conditions to such toxic people. You have enough stress in your life already. I wish you the best.
Chris
Chris
Pam, the guideline I have always believed is that you should NEVER cosign for a loan. Assume that you WILL end up assuming the payment and all responsibility for the debt. And it WILL negatively impact your relationship with the inlaws.
Taking on this loan WILL impact your overall financial picture if you later look for your own home to buy. You will only be allowed to borrow up to a point where your total payments do not exceed a certain percentage of your income, so with one income, two mortgages plus regular bills will be tough to handle. It may require you to take on a higher interest rate for your own future home.
As for flipping houses, this is a quick way to lose a lot of money unless you are (1) able to afford to buy houses outright, (2) skilled enough to negotiate very low prices, (3) know good contractors who won't rob you blind, and (4) are operating in a strong real estate market. That, plus having a lot of know how and savvy in the whole construction/real estate field. Not for the faint of heart, as Armano Montelongo says!
I hope your husband is strong enough to be firm with his parents on this idea.
A good website is www.daveramsey.com for all things financial. You can also check to see what Suze Orman says.
OY!!! I don't want new neighbors! lol
I would call your bank and make an appointment with the financial advisor/planner and ask them. OR see if your bank has a mortgage specialist you can call and talk to.
My gut says NO, run, FAST, not enough valium and wine in the county! lol
That being said - I would agree with Lynn if they have a mortgage that you are cosigned on it will make it VERY hard if not impossible for you to get your own. They look at your income to debt ratio and judge off of that. We had trouble getting our $200k mortgage with 2 incomes and less then $2000 in debt.
Hope that this helps - call me if you need to scream
I would call your bank and make an appointment with the financial advisor/planner and ask them. OR see if your bank has a mortgage specialist you can call and talk to.
My gut says NO, run, FAST, not enough valium and wine in the county! lol
That being said - I would agree with Lynn if they have a mortgage that you are cosigned on it will make it VERY hard if not impossible for you to get your own. They look at your income to debt ratio and judge off of that. We had trouble getting our $200k mortgage with 2 incomes and less then $2000 in debt.
Hope that this helps - call me if you need to scream
Yea...these are all things I was thinking as well.
What they have brought up is what if they buy the house outright (no mortgage) and just "put" it in Brians name. I still have a gut feeling that it's a bad idea.
I also told Brian that he detests the fact (or so he says) that they rely on him for every little thing already 1 1/2 hours away in an APARTMENT complex...what the hell will they expect if they are A) closer and B) own a freaking house which requires physical labor such as lawn care etc?
They also mentioned buying a "duplex" or "twin" and having us live in one side, rent free. The up side of that is rent free. The downside of that is...well...them
I told him I would look into it but I am dead set against the idea. I also came out and told him because I understand they are his parents and let's face it, it's hard no matter what the cicrumstances/relationship to tell your parents no to something they are pushing for, regardless of how old you are, that I would EASILY tell them no. Right now they think I am the "perfect" daughter in law....and to be honest...I could care less if they hate me if push comes to shove. I know those are strong words, but my relationship with my husband along with some sort of financial security are the big important things in my life.
I also told him if he is "willing" to co sign an actual loan, he better be willing to co sign divorce papers because I simply refuse to have my name anything to do with it. I didn't say it in a mean way and he didn't take it that way.
One of the best things about our relationship (brian and I) is that we tend to agree on a lot. Unfortunately..he can be a lot less outspoken to his parents than he needs to be and has GREAT difficulty setting boundaries. And if that's my job...I'm willing to do it.
thanks for the imput!
What they have brought up is what if they buy the house outright (no mortgage) and just "put" it in Brians name. I still have a gut feeling that it's a bad idea.
I also told Brian that he detests the fact (or so he says) that they rely on him for every little thing already 1 1/2 hours away in an APARTMENT complex...what the hell will they expect if they are A) closer and B) own a freaking house which requires physical labor such as lawn care etc?
They also mentioned buying a "duplex" or "twin" and having us live in one side, rent free. The up side of that is rent free. The downside of that is...well...them
I told him I would look into it but I am dead set against the idea. I also came out and told him because I understand they are his parents and let's face it, it's hard no matter what the cicrumstances/relationship to tell your parents no to something they are pushing for, regardless of how old you are, that I would EASILY tell them no. Right now they think I am the "perfect" daughter in law....and to be honest...I could care less if they hate me if push comes to shove. I know those are strong words, but my relationship with my husband along with some sort of financial security are the big important things in my life.
I also told him if he is "willing" to co sign an actual loan, he better be willing to co sign divorce papers because I simply refuse to have my name anything to do with it. I didn't say it in a mean way and he didn't take it that way.
One of the best things about our relationship (brian and I) is that we tend to agree on a lot. Unfortunately..he can be a lot less outspoken to his parents than he needs to be and has GREAT difficulty setting boundaries. And if that's my job...I'm willing to do it.
thanks for the imput!
Instead of complaining that the rosebush has thorns, be happy that the thorn bush has roses.
Pam,
My gut says this is a bad idea. A very bad idea. I cringe anytime I hear of someone co-signing a loan. I've seen a family lose everything when they co-signed a loan and it got defaulted. My mom co-signed a loan for my brother, and he has defaulted on it. My mom is 74 years old and has to pay his loan every month. (This isn't the same situation as the family that lost everything.) Even when we think we can trust someone to make their payments, things can happen, causing all kinds of trouble. I would try to convince your in-laws that they're better off in an apartment and that a house could ruin a good relationship.
Julia
My gut says this is a bad idea. A very bad idea. I cringe anytime I hear of someone co-signing a loan. I've seen a family lose everything when they co-signed a loan and it got defaulted. My mom co-signed a loan for my brother, and he has defaulted on it. My mom is 74 years old and has to pay his loan every month. (This isn't the same situation as the family that lost everything.) Even when we think we can trust someone to make their payments, things can happen, causing all kinds of trouble. I would try to convince your in-laws that they're better off in an apartment and that a house could ruin a good relationship.
Julia
I don't mean to butt in ,but I want to suggest you talk to ur bank's loan officer . Find out as much as you can about " debt to income ratio" that is how " banks " determine whether or not you have enough money to pay the loan they are gonna give you.
I have learned this the hard way. I don't wanna see anyone make the mistake i did. It is definitely a bad idea.
I have learned this the hard way. I don't wanna see anyone make the mistake i did. It is definitely a bad idea.
Tia has just begun to fight............
rebirthday was 9*30*09
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