My father-in-law just moved down south with his new wife. When he got down there after I helped him move, he called a few days later asking me to co-sign because "they are saying my income isn't enough". Yeah, a little fishy for sure, but I know he did get a new lender like 4 weeks ago because the one he was working with "can't make the numbers work". Looks like with the new lender they are saying his income this year was too high for some specific loan type he was trying to get approval for (?).
He will be retiring and getting social security in the New Year. He said that he would refi after 6 months to get me off as a cosigner (which who knows what will happen in that time frame, he is in pretty rough health shape). He is of course bothering me about this now over the holiday and I forgot to call my mortgage guy to see his thoughts on this.
Should I even consider doing it (we have a good relationship and I even worked with him doing drywall back in my college days)?
We have learned he now is asking somewhat distant relatives and a son and a daughter of his as well, all are or have said no to him now, I'm the only one that hasn't responded. Also feel like I'm pretty much his last option, I think he will have to stay with his new wife's father until the new year sometime to qualify for whatever loan he is trying to get.
My wife and I are planning on selling our current house and moving in the next 8-12 months, would the best case scenario, my father in law laid out, with the "supposed refi in 6 months" clear my credit up and what not for selling and getting a new house ourselves next year?
Then, I want to respond to him this weekend. What should I say if it is a 100% no, without ruining my relationship with him and his daughter (my wife). I wanted to call my mortgage guy so he could say something like "if you are going to be getting a home loan approval in the next year no way can you do this" or something like that...?
Thoughts folks? Or other questions?
Submitted November 29, 2019 at 08:31PM by bgkob https://ift.tt/2sv5Lha
