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Koop | Is it my responsibility to help pay off parents' mortgage? |
I recently graduated university and started working full-time. My parents still owe $50,000 in mortgage and now want me to pay off the rest of it. Both of them have jobs, with a combined income of around $70,000. Currently, I still live with them as I just graduated a month ago. My question is, should I feel obligated to pay the $50,000?
While paying off the mortgage, I am allowed to continue living with them, so for approx. another 6 years. However, I will likely move out in much less time, but they say I'll need to continue paying off the mortgage nonetheless.
I also want to point out that we moved to a new condo 4 years ago and they chose to buy a more expensive place. If I knew I would be paying for part of it, I would've opted for something cheaper, but they never discussed that with me. Now I feel that they have put me in a difficult position, as I owe them $50,000 when I could be investing that money or putting it on my own place. |
 |
 
J
 |
Legally if you didn't sign the mortgage you don't owe it. Most parents don't expect their children to assume their debts. Now that you have a full time job you do have an obligation to contribute toward your living expenses by paying board to help pay for the heat, electric, cable and food etc. -- but only for the time you live there.
I would find out the real costs of living on your own or with a roommate as background info. I would offer to pay board while you are living there but that you will not be assuming the responsibility of their mortgage. That is their obligation that was undertaken without discussing it with you or discussing the plan that you would assume it.
Good Luck |
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Ira01
|
Did they pay to put you through college? If so, perhaps you should help them out if you are able. But of course you have no obligation to pay off their $50K mortgage -- where in the world did they ever get such an idea? If you are living there, you should pay rent. But the mortgage? Please. |
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rhsaunders
 |
You don't owe them a dime. You can negotiate a reasonable rent if you continue to live there, but the mortgage obligation is theirs only. |
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loved1
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You do not owe them and are not responsible for the mortgage unless your name is on the note. If you are living there, you should pay rent and living expenses though. |
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sunny_gurl113
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Absolutely not. should you be paying some rent while you live with them sure i don't think that is wrong. Your parents made the adult descision to create this debit for themselve it is not your issue to fix. |
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terribrooke
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If you're not listed on the mortgage as a responsible payer, then you do not HAVE to pay the mortgage. That is your parents' responsibility. However, think of everything they have done for you since the day you were born. Sit them down and discuss this with them. Tell them that you do not have any intentions of paying the entire $50,000 but that you will help them out on the payments and maybe a few other bills if you can afford it. If they don't like it, I suggest you start looking for you own place. |
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Judy1
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You are not required to pay their mortgage.
If you continue to live with them, it's fair for them to expect you to contribute to household expenses. |
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Lisa A
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You're over 18. You're living in someone else's house. You owe them.
I don't think they should put it the way they did, that you should finish paying off the mortgage. Rather, you should be paying monthly rent. You need to negotiate a fair rent amount with your parents. If you can't come to an agreement, then you need to move out, and pay your rent to a stranger instead. |
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Rick B
 |
You have absolutely no obligation to pay on your parent's mortgagte at all.
They should be helping you get on your own two feet, not hindering you.
What jerks! |
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sunvegas
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They were good to you.Now be good to them.Help them.I don't see why not.Looks like you no kids maybe car paments.So what if they both have jobs and working If I were you I will help them.You should think about the long term....when they'r gone the house is yours or will be your kids if you'r going to have them. |
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nani628484
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You thinking is very good you go and invest money there only that property is given by mortigasar to you that what i am saying is to you are the legal heair of that property so you had no problem to clear the mortugage ok you have any information want give me mail to my Id nani628484@yahoo.com |
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