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So the home was worth $110,000, you refinanced and paid off the first, of $25,000, the balance of $85,000 went into repairs, of which your on the hook for if your mother doesnt pay it?
So the home was worth $110,000, you refinanced and paid off the first, of $25,000, the balance of $85,000 went into repairs, of which your on the hook for if your mother doesnt pay it?
No, the house was worth 190,000 of which 25,000 was owed and we took out 110,000. and as for 85,000 towards repairs, i have no idea where you got that from, nor is that relevant.
As for my mom not paying the note, not likely to happen. My mom is a business owner, and financially savy.
You have to think like a bank though. The bank doesn't know/trust your mom, they HAVE to assume that you could end up on the hook for all of it.
I understand all of that, but what does all of this have to do with what ive been trying to find out.
My original question is about if i can be on a loan with my boyfriend on a house we are buying, without putting in jeopardy my mom's house. All im trying to do is for us to get qualified for a larger amount loan, that's it, nothing to do with my mom not being able to pay the loan or anything like that.
For all i know, my boyfriend might more than qualify for the amount we're looking for, i was just trying to get some information before hand, as to have an idea of what maybe able to qualify for. i will know this afternoon.
I understand all of that, but what does all of this have to do with what ive been trying to find out.
My original question is about if i can be on a loan with my boyfriend on a house we are buying, without putting in jeopardy my mom's house. All im trying to do is for us to get qualified for a larger amount loan, that's it, nothing to do with my mom not being able to pay the loan or anything like that.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,847,329 times
Reputation: 958
Quote:
Originally Posted by renriq02
this only applies if they're married.
Her boyfriend will be buying the home
My mistake. I thought I read that they were married.
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