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Mcayla | I made an offer on a condo, and my father is co-signing for me because I have very bad credit.? |
Is this possible? Will this work? Or will some of my debt have to be paid off? Anyone know? $15,000 is what he's putting down for me also.
The offer has been accepted by the seller, but it is a short sale, so it has to be accepted by the bank now and am waiting. After we get the acceptance, we are going to get the loan.
Additional Details
Thank you, all of you for your advice and opinions. My credit is somewhat bad, less than $7,000 in debts. This happened while being a "realtor" and the economy doing what it did. The help I'm getting is to grab this condo at a cheap and low price. I was smart about the offer- luckily my parents could pay cash for it if it was necessary, although I will not let that happen. I am now working for a builder, and we sell to foreign nationals, ie germans, etc. and now would be able to handle my mortgage, insurance, and fee's payments etc., and soon enough will pay off my debts. I'm sorry if any of you have had a bad experience. God knows, I've made many mistakes and my parents were always there- which I am forever grateful. Although I am a licensed realtor, this is my first purchase, for me ;0) Again, thanks ya'll ;0) |
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wisernow
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Hello McKayla, do you really think its right to involve your father in your bad debts. I know how obligated he must feel, as you are his daughter in strife. To amass that much bad credit you must have been rather reckless with your finances, is it right to burden your loving father with debts and guarantees of payment he may not be always able to cover, you should seriously consider the outcome before you proceed any further. My sound , hard to swallow advice is, to pay off your debts, set your sights at a realistic measure. Then and only then, seek assistance from your father to guarantee your next venture into credit. Your dad must love you to offer his unlimited help, as I have to my sons and daughters. They have never let me down, if they had , I would be disappointed, but still love them never the less. Such are dads, such are children, My dad died from WW2 injuries when I was 10 years old. My mother was the very best, the paragon of parents to me and my sister and four brothers, bless her soul. I am financialy o.k. nowadays, however as a retired person 15.000 dollars/ £7.5000 uk pounds is an awful lot of money to repay. I wish you well on your quest, but I also wish you prudence and wisdom before you proceed any further. Pause awhile, think awhile, then if your absolutely sure go for it, and good luck to you and your dad. |
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banananose_89117
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Think logically. Not just the bad credit but the ability to pay month after month after month the mortgage payment. Do not buy something you cannot afford. That is why so many houses are foreclosing due to ARMs. |
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jestersand
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It goes through if daddy had good credit but If I were him I'd leave you in the streets until you learned how to pay what you owe. Dont let him down |
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TAS
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Your putting your father in a bad spot, if you cant pay he will have to. If I were you, I would get a second job and try working off the debt and reestablishing your credit. A home purchase is a big responsiblity, dont forget you'll have an insurance payment also. The county I live in (which is small) had 280 homes foreclose on in 2007. I would rethink this!!! |
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tscgmc
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If your dad has good credit it should work.....but he would be considered for the repayment of the loan. |
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countryguyhfc
 |
First let me say that your father is very nice for doing this for you.
Yes it can be done. Hopefully you will be able to re-finance in a few years and put the loan solely in your name. Right now it will affect your father's credit score.
My stepson wanted me to co-sign for him, I refused as he is too irresponsible with his money. |
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versantly
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bad choice -the economy isn't great and you already have financial woes. better to rent a cheap place for a few years, work an extra job, and clean up your credit. |
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Keira D
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Cosigning for a loan is the act of the very brave or the very foolhardy. When a parent or spouse cosigns a loan, he or she is legally bound to pay in the event the child defaults on the loan. This happened to me. I cosigned an auto loan at a bank where my son (who lived in another state) had an account. The engine (his choice of autos was lousy) literally fell apart six months into the loan and wasn't worth even repairing, or so he thought, so he simply stopped making the payments without notifying me. I found out the hard way when applying for a personal loan and it was rejected!
He's lucky I didn't have a "post-partum abortion". I was so mad I felt like breaking him into a thousand pieces. He simply forgot, or ignored the fact that I myself was legally liable and the late or missed payments would affect my credit rating, much less a total loan default and reposession. He didn't care, the auto was worthless. But I did, so I ended up having to pay the lump sum of $3,600 to avoid harming my credit. I told him "Never again will I cosign a loan. You have proved yourself to be unreliable in financial matters and I don't care if it is a matter of life or death. You are on your own now."
So if you stop making the payments on your condo, the bank can reposess the baby if your father is unable to make the payments in addition to whatever debts and payments he already has, and his credit will be severely damaged. It's really a kind of blind faith, as one does not know the future, nor, as so many parents find out, do you really know your own children. But heck, it's not up to me, he's a man of faith and optimism. Bon chance! |
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C
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I have very bad credit and my mom co signed on the house for me that I bought. and then my grandma co signed on the loan for me to pay for my down payment. It will work. well it should anyways. It may depend on the bank you go to |
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pbleek
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Owning a condo means Mortgage payment, Insurance, Condo Fees, any utilities not covered in the fees, top it off with phone and internet, cable tv fees, Add it all up. So far you have a bad credit and no money for down payment, and are carrying other debt. The economy is not great and the housing prices are falling, this sound like a potential disaster for you and your father, don't wipe him out financially. Next time you REALLY need help he may not be talking to you. |
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