Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I know someone in the same boat. But her husband co-signed for his mother who is not making payments now. They are in serious financial distress and a divorce is likely coming.
Back to the earlier poster (and Suze Ormann) NEVER EVER EVER NEVER EVER co-sign a loan.
There is a very simple reason why someone needs a co-signer...THEY CAN'T AFFORD IT! It doesn't matter if it's a house, a car, a student loan, or anything. They WILL most likely stop paying and you're wife and, therefore, your household will be 100% responsible for the loan. Either give her some money or rent her an apartment.
I don't think you would be personally liable but were the schmidt to hit the fan, it would end up affecting both you and your wife one way or another - how could it not?
If your MIL has shaky credit at her age that probably will not change. If she has not been able to meet long-term financial obligations thus far, she'll likely default on this loan at some point, right? Especially if her finances are likely to change during the life of the loan - through retirement, perhaps.
My exwife divorced me over my unwillingness to subsidize her lifestyle expectations upon marriage. A specific instance I recall 3 weeks prior to the separation was a conniption she had because I wouldn't cosign for a new car for her. Yep, apparently, and I quote "you're my husband, you're SUPPOSED to do that for me". Can't make that stuff up. 6 years of bf/gf living, to include 4 years living together, and none of this was ever stated as a problem. 6 months as married couple and WHAM, entitlement city.
You know what though? I knew she had bad credit, and I gave it a chance. Doesn't work fellas. Sorry to the proverbial single mothers or other people with dings in their personal circumstances, it's not fair we make prejudgments about other people's conditions (i.e. this person is more likely than not hazardous due to her bad credit) but statistics are against ya, and I ain't marrying again kevlar vest open just to give people the benefit of the doubt and/or not offend their sensitivities. Three rules to live by for a happy life partnership. 1)Prenup dissolving community property and 2) hook up with people with compatible financial and sexual outlooks. 3) Don't cosign for anything with anyone. Give it in cash and call it a gift, don't finance your future on someone else's guarantee to NOT meet the repayment. that's just dumb.
AntiHero, you should flat out ask your wife, "When your mother stops paying, are you prepared to pay for this house for her? Do you think our household can afford two homes?" Perhaps that will put things in better perspective for her.
You will very definately be involved directly if your wife co-signs and gets burned in the deal. Once your wife is on the hook for big money, you will resent her, there will be arguements, and it could ruin your marriage.
maybe my relationship is different but if my wife suddenly had to start paying her mother's mortgage, whether or not im on the hook for the payments, im sure it will affect me.
I've a legal question. My wife is going to co-sign for her mother's mortgage because her mother, although making good money, has a bad credit history. I don't think it's a good idea to co-sign as it means the Bank will get back to us in case my mother-in-law is unable to pay.
I don't want to liable for my mother-in-law whatsoever. Now I'm wondering if in case of non-payment of the mortgage installments, my wife is solely responsible to back her mother's payments or am I, as husband, directly affected by my wifes co-sign? How can I avoid getting involved in this mess in case my mother-in-law cannot pay and my wife also becomes unable to fulfill her part of the deal?
Thank you
Your MIL has a lot of nerve interfering in your marriage like this. What does she NEED a house for, especially if her credit doesn't warrant it? Is she planning to go to one of those European doctors that can rejuvenate a woman's womb in her 60's and raise another family? It's ridiculous.
If your wife is determined to be the "cosigner," I think your wife should be part owner on the deed also and should inherit the house 100% with no split with siblings who aren't "cosigners."
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
