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I think you've answered your own questions, and also gotten a lot of excellent advice
At some point, it's a good thing to let kids stand on their own two feet.
A 30 year old who's finished their education and getting married should start being 100% responsible for their own finances IMO. Helping them is one thing; acting as a permanent crutch is another. Independence is also a gift.
Well said....
I think that is what is best for us and also what is best for her.
I'm a layperson, but can't you transfer title? Why not have her transfer the title into your name, she moves out, and you put it on the market? Your situation will be the same--still paying a mortgage payment--but at least you'll be on your way to relief AND she'll be responsible for herself before she marries.
Is there a reason she just can't transfer title to your name? I thought that was done quite often.
I'm a layperson, but can't you transfer title? Why not have her transfer the title into your name, she moves out, and you put it on the market? Your situation will be the same--still paying a mortgage payment--but at least you'll be on your way to relief AND she'll be responsible for herself before she marries.
Is there a reason she just can't transfer title to your name? I thought that was done quite often.
She is trying to figure out a way to keep the house.
She is trying to figure out a way to keep the house.
I thought her first post said the best thing for her daughter was to sell the house and start fresh. If the daughter transfers the title to the parents' names, she can "start fresh" by moving out without having to worry about the house, the parents can keep making payments but put the house on the market. Parents are in the same position financially--paying each month for the house--but if she transfers title to the parents' names then they can take steps to sell. And, the daughter would be in a position of learning to make the tough choices, even when it hurts.
I admire her for going to school and raising a child, and I know she's incredibly busy. But, I thought the parent originally indicated that it was time to move on. They've been a big help to her by letting her finish school and get her degree, a wise move, but I thought they implied it was time to go to the next step. If they still feel the daughter needs to stay in the house, that's different. Then I misinterpreted her original post.
I've had to learn to make tough choices and recover from bad ones. Knowing Dad would say, "No," made a BIG difference! I'm a big fan of parents saying, "No," now. Taught me a lot.
I thought her first post said the best thing for her daughter was to sell the house and start fresh. If the daughter transfers the title to the parents' names, she can "start fresh" by moving out without having to worry about the house, the parents can keep making payments but put the house on the market. Parents are in the same position financially--paying each month for the house--but if she transfers title to the parents' names then they can take steps to sell. And, the daughter would be in a position of learning to make the tough choices, even when it hurts.
I admire her for going to school and raising a child, and I know she's incredibly busy. But, I thought the parent originally indicated that it was time to move on. They've been a big help to her by letting her finish school and get her degree, a wise move, but I thought they implied it was time to go to the next step. If they still feel the daughter needs to stay in the house, that's different. Then I misinterpreted her original post.
I've had to learn to make tough choices and recover from bad ones. Knowing Dad would say, "No," made a BIG difference! I'm a big fan of parents saying, "No," now. Taught me a lot.
I am the OP and I guess I meant if she cannot refinance I think
selling is better than us staying on the loan. That was the origainal
agreement.. We will cosign and when you finish school you need to
refinance in your name or sell. We are fine if she is working on refinancing
within 3-6 months .
If she cannot refinance she will need to sell
and it seems if she does that she should live there while it is on the market.
Also she has been paying the monthy..not us, so if we started paying that
it would cost us more.
When I originally posted we were tossing around some ideas like
buying the place and renting to her, but we are thinking it would be
better for her and us to not do that. It is hard when you could
easily make it easier on her to stay there but "easy"
may not be the best thing.
ps. It sounds like you have great and wise parents!!!
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