My stepmother and father would like me to cosign a loan with his sister for a house 4 them. Im 19 & in school.

Question

They declared bankruptcy on their last home. What would the effects of this be?

Answer 1

cosign a loan? dont go there!!!!!!!!!! I cosigned 4 a friend 2 get a pc & got stuck taking over pmts & got the pc. good thing 2 get pc, but bad 2 get stuck w/ pmts. However, on my low income i learned not 2 ever cosign again. I got in over my head & the loan comp stopped sending me billing statements & kept calling us but we won't send $$$ w/o a statement & acct #.  it's been so long now i'm assuming according 2 my credit report that it was closed/pd. since i pd ahead, which was really the last i ever heard from them, a statement saying 'paid ahead.'

Answer 2

They need to go talk to a mortgage person about ways to buy a home that do not involve you.  

AT 19 anything that happens stays on your credit 7 or more years.

cosigning means you are accepting you will make payments and take responsiblity if anything goes wrong.

Answer 3

no,no and no

Answer 4

just say no--will cause you problems in the furture.

Answer 5

Agreed - NEVER EVER Cosign.  You get nothing in return for potential problems.  In fact, everyone I know that has cosigned for something has had problems.

Answer 6

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Answer 7

Here is my rule:

Never co-sign anything for anyone!  Period.

There is no benefit to you.  If they stop paying they you are stuck with the payments and, if you can not afford it, your credit gets ruined also.

Answer 8

DO NOT DO THIS, they are not thing of your best intentions.. if his sister defaults, it will damage your credit.. what do you have to gain doing this?   and if they cant get a care themselves.. that means they are a risk. they had their chance, they screwed up.. dont bail them out and have their irresponsible acts jepordize your life..

Answer 9

Tell your stepmother and father to kiss your butt.  Why mess up your credit file when you are barely getting started for yourself?  I would not do this.  Never loan money or go into business with family, friends and relatives.  Never no matter what the reasons are.

Answer 10

From the info you gave, I would advice you not to do it. You are very young and if your credit gets ruined because of your parents irresponsibility, that's something thats going to be stuck with you for the rest of your life. It will be hard to do ANYTHING. Even employers now look at credit history and if its bad, you can say goodbye to that position you are applying for. Your credit is something you REALLY need to take care of. This is up to you though. How well do you know your parents? Are they responsible? Do they make payments on time? What's the reason for the bankruptcy in the first place? You're not being mean if you say no. You are looking out for yourself cuz in the end, thats all you have. If they get mad, they're being selfish considering that they declared bankruptcy because they were unable to make previous payments....I wouldn't get caught up. Plus, if they didnt learn their lesson the first time, what about now when its not THEIR credit that's on the line...

Answer 11

I agree...absolutely NO NO NO NO!! They obviously are not financially responsible.  How sad to ask his teenage son. Terrible.

Take care of yourself. Do not let them drag you down with them.