Rookje_IHB
New member
Long time lurker, first time poster.
So I have a complicated (but probably common of late) situation.
My parents house was foreclosed on two years ago. They were financially irresponsible, and ignored the phone calls and bills piling up for requests of mortgage payments they couldn't afford (because they didn't lock their interest rate).
They've been renting a place for the last two years, but the lease is now up and they're being forced to move out. They assumed he would rent it to them again for another year, but he recently changed his mind and is asking them to leave before the end of the month.
They've been shopping around for a house the last few weeks (to purchase), and found some place but of course they can't be approved for the loan because of the foreclosure on their history. However, they asked if they could run my credit history and my brothers. I have a very high credit score, so they said I would be approved for the loan if I purchased it co-signed with my brother (since I live outside of the area, they need someone local on the deed I assume).
Now, my question is... do you think I should do it? They called me this morning, and laid it down on me. They're being forced to move out of their current house within two weeks, so it has to be quick. They wanted to FedEx me the papers to sign, assuming I would do it without question. But I don't want to ruin my credit history if they screw up again.
Here's some background info:
-- They're in their mid-late 50's
-- My dad is retired, my mother works a low paying job that's very insecure
-- My dad has a good pension, which is what is their only income
-- They have around $115K in cash I believe
-- The house is around $300K asking price, I believe
-- They're trying to do a FHA loan, and it would be me and my brother signing the deed (I don't think my parents would even be signing it)
-- I'm 24, single, living in SoCal (the'yre in Norcal) and do well for myself working full time
My parents say the real estate agents were telling them that they can remove me and my brother from the deed in one year or so, when they can qualify for a loan themselves. That sounds sketchy to me.
It's all made more complicated with the drama with my parents. They don't understand that I want to do the most financially responsible thing, they think I'm betraying the family by not just signing it. My sister also lives with them, and I don't want them to be homeless or anything I just don't want to ruin my credit and chances at getting my own home in the future.
What should I do?
So I have a complicated (but probably common of late) situation.
My parents house was foreclosed on two years ago. They were financially irresponsible, and ignored the phone calls and bills piling up for requests of mortgage payments they couldn't afford (because they didn't lock their interest rate).
They've been renting a place for the last two years, but the lease is now up and they're being forced to move out. They assumed he would rent it to them again for another year, but he recently changed his mind and is asking them to leave before the end of the month.
They've been shopping around for a house the last few weeks (to purchase), and found some place but of course they can't be approved for the loan because of the foreclosure on their history. However, they asked if they could run my credit history and my brothers. I have a very high credit score, so they said I would be approved for the loan if I purchased it co-signed with my brother (since I live outside of the area, they need someone local on the deed I assume).
Now, my question is... do you think I should do it? They called me this morning, and laid it down on me. They're being forced to move out of their current house within two weeks, so it has to be quick. They wanted to FedEx me the papers to sign, assuming I would do it without question. But I don't want to ruin my credit history if they screw up again.
Here's some background info:
-- They're in their mid-late 50's
-- My dad is retired, my mother works a low paying job that's very insecure
-- My dad has a good pension, which is what is their only income
-- They have around $115K in cash I believe
-- The house is around $300K asking price, I believe
-- They're trying to do a FHA loan, and it would be me and my brother signing the deed (I don't think my parents would even be signing it)
-- I'm 24, single, living in SoCal (the'yre in Norcal) and do well for myself working full time
My parents say the real estate agents were telling them that they can remove me and my brother from the deed in one year or so, when they can qualify for a loan themselves. That sounds sketchy to me.
It's all made more complicated with the drama with my parents. They don't understand that I want to do the most financially responsible thing, they think I'm betraying the family by not just signing it. My sister also lives with them, and I don't want them to be homeless or anything I just don't want to ruin my credit and chances at getting my own home in the future.
What should I do?