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jaime | Please help! tell me what you think about this crazy idea!? |
Your Question
Is this an absolute insane idea? what do you think?
Okay, so my mom has just gotten out of a divorce and doesnt have great credit, her house is in recievership and if it doesnt sell by march, it is going to be forclosed on. Now I am 20 years old, have excellent credit, and am in college for another 2 years to become a dental hygienist. She has been renting and wants us to have a house we own. so she had a kind of insane idea that i could take out a 30,000 student loan (which i already have done for personal expenses and bought a car and stuff) and put that loan on a down payment for a house, in which i buy and she pay the mortgage because she does have a job and would be able to afford it. The only problem is this is an absolute HUGE risk for me. I have a part time job and would in no way be able to pay the rent if she werent able to or something god forbid happens. But at the same time she feels like our money is being thrown down the drain by renting a house. What do you think? Is this crazy or might it just work out? Would it be a good investment for me? What do you think |
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I Buy And Sell Houses
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Terrible idea.
Huge risk for you with almost no advantages. First, there are probably "strings" on your student loan, and even though you've used such money in the past, it doesn't mean it was permitted by the terms of the loan. So you're not supposed to do it.
Second, you might not qualify for the mortgage in any case. You'd be buying the house. OK. You'd have $30,000 for a downpayment. But the lender will ask you: How will you be in a position to make the monthly payments? You have no job, and even if you drop out of school to work, it's unlikely that the job will pay enough. And even if it does, lenders like to see a solid work history (ideally, 2 or more years at the same job). You won't be able to provide that. The lender will suggest you get a co-signer. Your mom is the logical choice...except she's got lousy credit. So that won't work. Bottom line: You probably wouldn't be able to get a new mortgage.
And consider this: Your mom has poor credit and is losing her home. You are a student, so far prudently managing your resources, studying in school, and renting. You'd be gaining nothing through this scheme.
If your mom has the monthly income to pay the mortgage, she should contact her lender immediately and seek either a loan restructuring or forebearance. A lender will be willing to work with her if there's a reasonable possibility she can get caught up and keep current on her mortgage. A restructuring or forebearance would be the best ways to do so.
Finally, I'm tired of this bull about "throwing money away on rent." You're not throwing money away, any more than you are when you fill your car up with gas, or when you buy food to eat. You need shelter. You need a place to live. You're paying rent in order to have a place to live. At the end of the month, you've paid your money and have had a place to live. That's not throwing your money away. It's paying a fair amount for a valuable service. Look: As a Realtor, I'm all for people buying homes. But in many cases renting, not buying, is the right option. And for a a 20 year old student piling up student loans with just a part-time job, renting almost always would be the best choice.
Please don't go along with your mom's scheme. |
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Ghee
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With today's economy - I would think twice - Also - using a student loan for something other than school is a huge risk! That is the only type of loan that you can not "commute" to a lower rate or have forgiven in foreclosure. And, with a $30,000 loan outstanding, a part time job and being a student - I don't think your chances are good for another loan. Suggestions: I'm not totally clear on your mother's situation - by "her house" - is that a house that was being purchased by she and her husband? a house she was renting? Is this house a good investment? With the new bail-out program - some houses that are about to go into foreclosure - are on hold until all the rules are worked out - if this is a house that she can make the payments on - there may be a chance it can be re-financed at the lower rate. If it is not - she may be able to find a smaller house that is in foreclosure (as there are many on the market) -and sellers are willing to make deals-possibly even a rent to buy option. If those are not possible - I think that renting is a better option at this time - with her divorce and uncertainty and your still being in school. While renting- she would not have the addtional expenses of taxes, insurance(except renter's), maintenance and upkeep. A year's worth of rent and time to investigate finances is worth rushing and making a huge mistake that could effect the rest of your life. |
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Common Sense
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It could work but there is some risk as you are already aware.
Ultimately, it is your decision. |
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Miss E
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nope, no, nada...horrid idea.
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Michelle Torres
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No. It's not a good idea. She already has a house that she may lose. Don't get another one. While you're renting it may seem that you're tossing money down the drain every month. However, there are many different costs to owning a home. There is insurance, upkeep, repairs, higher utility costs, etc.
Owning a home would be a good idea, but this probably isn't the time for you to do so. If you would like to set some money aside, why don't you instead set up a little fund? Do this faithfully and soon you will have a wonderful nest egg for your own home... when the time is right. Not now. You have too many things going on. You don't need a house on top of that. Not to mention, just buying a home is impossibly stressful. The process can take forever, even if you have great credit and think it will be a piece of cake. |
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Tin Lam
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Not know what to do is risky. Just like driving a car, if you have your hand on the steering wheel, then it's not risky. So, do a little homework here and there. Any way, if you have a part time job and already have bad debt, and consider borrowing another 30k, you might have a little problem to get the loan. |
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TM
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Yes, I agree there are some risks here, but it may not be a total bad idea. It depends on what the monthly payment for $30K student loan +mortgage + property tax + insurance, will they be a lot more than the rent payment? If they are about the same, why rent if you can own your mom's house. Especially when your mom has a job to pay the mortgage. The only thing I am concerned is: will you qualify to buy the house? You are a student with no regular income. The bank may not lend you the money. |
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MavistheMaven
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This is really confusing.
How would you be able to finish school if you used your student loan for a house downpayment?
If you can manage that, though, wouldn't it make more sense to put the money into the house your mother already has, to get it out of receivership (not sure what that is, sorry) and then she can just make the rest of the payments on it? That way, it wouldn't be in your name at all. |
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radarluv2842
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She can wait for 2 years until you get full time. If something should happen, your in trouble, not your mother. If she can't wait for 2 years until you get a full time job, pretty much something bad is going to happen. I would not do it, hun stay away from that mess before you wind up like your mother and be in big trouble. And, I will repeat do not I meen do not touch your student loan that is your future, if your mom as all respect she will respect you and your thoughts of not doing it, if she throws a fit like a child then your being set up for something I told you not to do in the first place! |
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