Should I help out my sister? (person, children, dynamics, house)
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My sister has asked for my assistance in securing a mortgage since she will not qualify. There is really nobody else out there to help her... I make it a point to go through the fine details but she has been incredibly rude during the process... accusing me of nitpicking the details but that's because I am a detail-oriented person (I don't jump in blindly)... Its gotten to a point that I am deciding to withdraw my help... I can get incredibly favorable terms for the loan because of my VIP status with the bank... I am sure she can afford everything but her attitude is a problem... I am helping her and not the other way around but she is the one with the attitude...
Only you know what the best way to go is. We wouldn't know your family dynamics...do things tend to be worked out, or do you or your sister tend to have chips on your shoulders? Attitude could just be a result of the stress. However, there are a TON of details to be worked out, you'll be part owner (i suspect) so know exactly what you're getting into....
What was your gut feeling when she asked you to do this?
Why didn't you listen to it?
She should be incredibly grateful that you would be willing to do this for her, a lot of parents won't even do this for their children. It's a huge risk.
NO!!! From what you have written, don't do it. If she doesn't qualify for a mortgage, then she shouldn't have that house or condo. Plus there is her crappy attitude towards you. I strongly feel that you will regret ever helping her out if you co-sign this mortgage with her.
You need to figure out what happens if she messes up and falls behind on her payments. As it stands now, if you co-sign and she defaults, she'll take you down with her.
If she has a bad credit rating, it's bad for a good reason.
And probably she can't afford this particular real estate purchase. Does she know about the extra costs of owning a place? What about the property taxes? Water bill? General maintenance costs? And if it's a condo, what about the condo fees?
Some people are meant only to rent and there's no shame in that. Your sister is probably one of those people. Or... she just needs to keep saving up towards a bigger down payment and to find a less expensive place to buy.
How old are the two of you? What does she do for work? How much of a down payment does she have now?
My sister has asked for my assistance in securing a mortgage since she will not qualify. There is really nobody else out there to help her... I make it a point to go through the fine details but she has been incredibly rude during the process... accusing me of nitpicking the details but that's because I am a detail-oriented person (I don't jump in blindly)... Its gotten to a point that I am deciding to withdraw my help... I can get incredibly favorable terms for the loan because of my VIP status with the bank... I am sure she can afford everything but her attitude is a problem... I am helping her and not the other way around but she is the one with the attitude...
You mean you are going to cosign? (Please do not do this. It will end badly. Even if you think she can pay for it. Stuff happens.)
Or simply you will help her with paperwork so she can get better terms? In that case tell her she's being rude and if she wants your help she better change her attitude.
There's no way I would cosign for a loan for a home,car etc.If for some reason she fails/quits paying the payments they can legally come after you. It can also affect your credit.
Only sign if you are willing to take over all debt and own a rental home. When she quits paying the mortgage, you probably will never know and your credit will go down the toliet.
The short answer is "No, not unless you can live with the repercusssions".
I'd speculate there is about an 80% chance you will get screwed.
I have to totally jump in on agreement with Rakin. If she's being rude to you now when she is in the "wooing" stage, imagine how she will be when she has any kind of issue which makes paying the rent, taxes, or insurance a problem?
If someone were helping me out, I'd be "yes, Sir"ing him/her to death! Yes, Sir. No, Sir. Thank you, Sir. Do you want me to fetch coffee, tea, and is this silver platter acceptable?
Oh, and since you're in banking, you DO know to have all possible issues that might arise taken care of in a contingency contract, right?
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