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MrsRJP
Happy Spring!!!
Member since 12/07 2151 total posts
Name:
Rena Marie
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Re: Is there any advantage for me to co-sign a mortgage?
Posted by siffleuse319
Also, and maybe other homeowners can comment as well: I have been paying my mortgage on time for the past 2+ years. My credit score did not increase as a result. It is the same, if not slightly lower than what it was when I bought the house. And, I have not taken out any new credit accounts since then. Point being, timely payments do not increase your score. It's not a merit-based system. It's a demerit based system that takes points away when you're "bad".
I can definitely agree to this. Our credit score went down some when we bought the house because it was a big purchase. Please Please do not sign because if he misses one payment YOUR credit score and his is royally screwed.
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Posted 11/1/08 9:06 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is there any advantage for me to co-sign a mortgage?
also- 1 late mortgage payment will lower your score by alot more then a missed car payment or credit card bill
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| Posted 11/1/08 9:11 PM |
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Little-J-Mommy
I'm a Big Brother
Member since 5/06 8041 total posts
Name:
D
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Re: Is there any advantage for me to co-sign a mortgage?
ITA agree with all the sounds advice these ladies have given. I wouldn't do it.
I was thinking that maybe he would get a better interest rate if you were to co-sign, so if you can financially handle it, maybe offer help on a down payment which could offer the same decrease on his interest rate to be paid back by a certain date. At least if he defaults on that agreement, it won't ruin your credit forever, kwim. Give what you are willing to lose, just in case. This way you're not just saying no.
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| Posted 11/1/08 11:02 PM |
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strongisland
All you need is love
Member since 8/07 2474 total posts
Name:
T
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Re: Is there any advantage for me to co-sign a mortgage?
DOOOO NOTTTT DDOOOO IITTT......u have fm
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| Posted 11/2/08 9:00 AM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Is there any advantage for me to co-sign a mortgage?
OMG - DO NOT DO THIS! Like everyone else has said, it is a bad bad bad idea. I can't even believe your BIL had the nerve to ask. Even if he pays the mortgage on time, there is no real benefit to you. But if he doesn't pay or is late, you will be held 100% responsible. Why would you want that burden on your shoulders? In this economy especially, there is NO WAY you should even consider doing this.
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| Posted 11/2/08 9:17 AM |
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QueSeraSera
Sugar & Spice
Member since 7/08 1351 total posts
Name:
Liz
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Re: Is there any advantage for me to co-sign a mortgage?
Wow. I can't believe he would ask you to do this- and the fact that he didn't approach you both would make me angry as well. You would be putting your financial future in his hands...and if he were a good risk, the bank would have given him a loan on his own.
That's a ballsy request. My DH's brother asked him to cosign a car loan after we were married, and I was po'ed about it. I'll be darned if one of his siblings poor money management choices are going to effect my credit rating. I would never ask anyone to cosign anything for me- and I have no intention of ever tying myself to any else in that manner. (except maybe my kids someday...)
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| Posted 11/2/08 9:37 AM |
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fabrichick
LIF Adult
Member since 5/05 2479 total posts
Name:
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Re: Is there any advantage for me to co-sign a mortgage?
There's an old saying...a cosigner is a fool with a pen
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| Posted 11/2/08 8:45 PM |
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ker21318
LIF Infant
Member since 11/07 296 total posts
Name:
Kerry
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Re: Is there any advantage for me to co-sign a mortgage?
I would not do it. If something happeneds and he cna't pay it then you are resposible. And you would be basically paying for a house you don't live in.
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| Posted 11/3/08 9:49 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Is there any advantage for me to co-sign a mortgage?
Posted by MommyTeffi
I would pass. If your BIL can't afford the home without you signing it, then he can't afford the home. You could get screwed. IMO, I think your BIL wrong for even asking. There is no benefit for you.
ITA - I wouldn't, and I wouldn't want DH to do it either -
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| Posted 11/3/08 10:15 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: Is there any advantage for me to co-sign a mortgage?
No, there is no benefit to you whatsoever.
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| Posted 11/3/08 10:43 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Is there any advantage for me to co-sign a mortgage?
All i have to say is: Don't Do it.
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| Posted 11/3/08 10:49 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Is there any advantage for me to co-sign a mortgage?
Just say no, you shouldn't even feel you have to explain yourself.
There are limits and he's crossing it by asking you to do this.
Message edited 11/3/2008 1:42:15 PM.
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| Posted 11/3/08 1:42 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Is there any advantage for me to co-sign a mortgage?
Do not co-sign........
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| Posted 11/3/08 2:12 PM |
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seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: Is there any advantage for me to co-sign a mortgage?
Do you plan on buying a house anytime soon? I doubt you would be able to get a mortgage unless you are making way more than enough to cover both. With the new mortgage conditions I would never do this.
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| Posted 11/3/08 5:24 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Is there any advantage for me to co-sign a mortgage?
I wouldn't co-sign anything - even a car. By co-signing you are agreeing that you are responsible for the debt. Your BIL could skip out and you are LEGALLY stuck with the mortgage payment.
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| Posted 11/4/08 8:27 AM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: Is there any advantage for me to co-sign a mortgage?
never co-sign for ANYTHING!!!
also, IMO, if your BIL can't afford the house on his own, or doesn't have the credit necessary to buy the house on his own, he has no business buying the house. forget a "dream home"--he should buy something in his range or wait until he can do it on his own.
i think that's so selfish of him to ask you to co-sign. that could ruin your credit for a very long time.
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| Posted 11/4/08 11:01 AM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: Is there any advantage for me to co-sign a mortgage?
Yea we're not going to...ultimately we just didn't want to put either of us in that position. Thank you all for your info...it DEFINITELY helped our decision. It at least made me feel better about being the b!tch
Thanks again!
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| Posted 11/4/08 8:45 PM |
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Re: Is there any advantage for me to co-sign a mortgage?
Posted by Belongs2DanBuckley
Yea we're not going to...ultimately we just didn't want to put either of us in that position. Thank you all for your info...it DEFINITELY helped our decision. It at least made me feel better about being the b!tch
Thanks again!
You made the responsible decision and unfortunately the only person who would think you are a B!tch is an unresponsible one. It's never easy to stand up to family but with time he will understand.
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| Posted 11/5/08 7:41 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Is there any advantage for me to co-sign a mortgage?
I would never do this and think it's a crazy thought. I just do. You don't know what the future holds, who loses their job and can't pay the mortgage, etc. You could go down a very bad road. Not worth taking the chance, only to gain not much. No way.
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| Posted 11/5/08 8:14 AM |
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Bugaboo
Relax!
Member since 5/05 2133 total posts
Name:
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Re: Is there any advantage for me to co-sign a mortgage?
Don't do it! I'm shocked that you were even asked. Nothing good will come out of it for you if you do.
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| Posted 11/5/08 9:06 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Is there any advantage for me to co-sign a mortgage?
I think it was balsy for them to even ask you..
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| Posted 11/5/08 3:25 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Is there any advantage for me to co-sign a mortgage?
I did this for a family member and it worked out fine. They refinanced after a few years and I was off the mortgage
I am glad I was able to help out 
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| Posted 11/6/08 8:57 AM |
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