It Is Time To Grow Up: Part 2
This post is inspired by my searching blogs tonight. Two I found this evening disclose Daddy and Mommy co-signed for the mortgage.
Thus the title: It Is Time To Grow Up Part 2: Part one was written last week.
Having parents as real partners I don’t oppose, share the risk and investment share the rewards. But co-signing no. Co signing means you don’t qualify without. This isn’t a car you are buying, it is a home.
If you don’t qualify please don’t put your parents at risk. I have seen too many co-signers not have the guts to say they didn’t make the payments on time and damaged the co-signers credit.
If you don’t qualify, don’t buy. Grow up, it is time. Hold your horses and buy when you can do it on your own. Lar
I sort of agree with you Larry. Because of stated income loans, we haven’t seen as much parent co-borrowing as we used to in the old FHA days. It’s coming back though.
A bigger problem to me is parents–even siblings or friends–co-signing on car loans. Huge mistake. People just don’t take cars very seriously and screw up their benefactor’s credit.
This then affects the benefactor when they go to apply for a mortgage. Oh oh.
At least with mortgages, the occupant borrower tends to take things more seriously. After all they’re not living in car.
Yes, great point.
I don’t co-sign. I’ll kick in my commission to help with the down payment, but won’t co-sign. They’ve got to be able to pay by themselves.