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Mia ღ Abe - baby boy on the way~ | If i cosign for my parents to get a house, will it affect my credit? |
my parents are trying to buy a house...they already have one and cannot fully qualify for this other home...
they want to purchase this house and rent out the one that they live in now...
i dont have sufficient credit but they want me to cosign to see if they can get that little extra amount
my husband believes i shouldnt...because you never know with todays financial times'
please i am not too aware of credit and all that type of things
i just want to do something nice for my parents but i dont want it to end up being a huge mistake
Additional Details
they said that they will take me off in 6 months but its not that i dont trust them its well ... maybe its because i am young and dont know
-this is great info ... |
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marylynn1980
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It could go two ways. If your parents are responsible and pay ON TIME EVERY MONTH, then you would be fine. In fact it would reflect positively on your credit and help you build a stronger rating. But they have to pay every month in full and on time. If they pay late, it could reflect negatively.
If they pay late, miss a payment, or stop paying, not only will your credit plummet, but you could also be held financially responsible for paying back the debt. Banks are serious with the housing crisis and would not hesitate to come after you and your assest if your parents default.
If they cant afford it, then they shouldnt buy it! And its an awkward position you would be in, since you would always want to stay on top of it and know if they were making the payments. If I co-signed I would require monthly proof that they were paying and would expect copies of the mortgage monthly.
Good Luck! |
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mother superior
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oh geez. bad position. it will be GOOD for your credit if they actually pay it on time but if not.... oh boy. youll have to pay it and if its late, your credit will go to hell. i think im with your husband. |
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tkquestion
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If you cosign anything, the debt is yours as much as theirs. It will reduce your credit worthiness and can hinder you from getting one of your own in the future.
Of course, if your parents should default, the responsibility is entirely yours.
Yes, it can result in a HUGE mistake. |
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Mommy to Lauryn and Sydney
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If they cannot make the payments YES it can screw you and you WILL be responsable for there house payment if they do not or cannot pay and if they are late it will take your credit score down!! i know you love your parents but your husband is right bad idea you never know what could happen.. |
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dark eyes
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Rule of thumb for co-signing for a loan is that you are responsible for that payment if for some reason your co-borrower is unable to make the payment! If you can make that payment and assume that entire debt, go for it. If not, then don't do it. |
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Joey O
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I recently bought the house that my parents have been renting for 13 years. I basically just used my name and they are paying for it.
I would not say that I completely trust my parents but I have a good amount of faith that they'll be fine. However, in the occasion that they aren't, I prepared a plan B just in case. My realtor said if even one month comes that they can't pay, that is the time to sell. A lot of people will miss a payment and then convince themselves that they can catch up but most of them never do and just end up worse off. In my case everything is in my control so I can at any time decide to sell if I feel uncomfortable.
All that being said everything should be fine as long as you prepare for the worst case scenario. And you have to be sure that you're parents will be in complete agreement on the worst case scenario plan so that you don't end up butting heads if the dookie hits the fan. |
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Miss Kitty
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Yes, anything that you sign for goes on your credit record... whether it affects it negatively or positively depends on your parents making timely payments.
Also consider that if you co-sign for this house with them, it may prevent you from being able to get any other credit or loans of your own due to the cost of the house jacking up what you 'owe'.
If they can already afford to have their own house and they're looking for a second one, then it's up to them to come up with the money.
Unless you owe them money from a previous loan that they gave to you, there's no reason that you should feel responsible to them, even though you are their child.
It's not as though they need this new house for a place to live - if that were the case I would encourage you to help them, but in this case I would say for them to work up to it on their own.
If you feel you must do this for your parents, make sure you know all the risks and responsibilities beforehand by talking to the banker they are dealing with and asking them all your questions. They should be able to inform you better of what will happen if you do sign. You should be able to find out beforehand if you signing will give them the loan or not without actually attaching your name to the papers.
When in doubt though, ask the person at the bank your parents are dealing with.
Best of luck! |
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Sufi
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if your parents don't pay all their bills, yes it will affect your credit if you don't pay the mortgage. they should sell the other house so they can qualify for the new one. loan them some money for a down payment, often that helps also.
don't co-sign for a large mortgage. |
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Anastasia Beaverhousen
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Yes it will affect your credit. If they make any financial bad moves, you will get stuck with it too. Don't do it unless you fully 110% trust them. |
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RITZY*
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By cosiging the agreement you are agreeing to be responsible for anything that might go wrong, ie. missed payments. If your parents were unable to make the payments, or were consistantly making payments late, this would not only affect their credit but yours as well. |
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S P
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Yes...it effects you if they default on the loan, then they come after you for any of the debt. It would be a financial mistake and ruin your credit should something happen and the home is foreclosed, or something else happens leaving you to pay the debt on your own. I would really think about this one long and hard. Personally...I'd listen to your husband, sounds like he knows what he's talking about. Good Luck! |
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bri
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YES it will effect your credit my fiance had his parents co sign on a car and then they filed for bankrupcty and it affected his credit..... the market right now is so vulnorable and i would say that there are other houses out there and possibley to give them an offer under what they want if they want the house gone you never know what would happen...
i know you want to help your parents but its not worth it if something happens |
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cmjackpot
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If you can qualify as a co-signer, there should be no problem. The only time a problem pops up is if there is a missed payment or a late payment. Then, it goes on your credit rating and your parent's credit rating, and your name and their name is registered with the 3 major credit rating companies. This might present a problem if you apply for any other credit, such as a credit card, or you might have your credit lowered by a credit card company.
By co-signing, you guarantee that payments will be made on time until the debt is paid off. My husband and I have co-signed on loans for people in the past and for the most part it has been okay. Good luck. |
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HumanToe
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If your parents have been responsible with their money for a year or more, I would go ahead and co-sign. If you have any reason to believe they might not have enough money to make the payments, though, then don't even think about co-signing. If you co-sign and they can't or won't make the necessary payments for the house, then YOU will be liable and it could further damage your credit rating. |
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Jeanne R
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Cosigning ANYTHING for ANYBODY at any time is a big mistake. Banks are in the business of lending money. They want to lend money but if they ask for a cosigner, it is because they do not believe that the borrower can/will pay them back so the bank wants someone else on the hook. If, for whatever reason, your parents could not make the payments (accident, death, not enough money, whatever) YOU would be responsible to make the payments on their house. AND, if you are not on the deed to that house, you wouldn't even be able to sell it to get out from under the mortgage. You would just be totally responsible for paying for the whole house and , even though you paid for it, you would not own it. Any borrower who needs a cosigner is, by definition not a good risk. Your first responsibility is to your own family (ie:spouse and MINOR children) and the fact that your husband doesn't want to have his finances tangled with anyone else but you is reason enough to say no to your parents. In marriage, each partner should have financial veto power. If one is against or uncomfortable with a purchase, investment, or financial decision then the COUPLE should not proceed. Both should agree before any medium or large financial decision is carried out, and this is a VERY LARGE financial decision. |
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