Hi, I am currently a 26 yo F with roughly $280k in student debt (private loans) at an interest of 3.7%. My parents (58 yo) are currently trying to buy a house and currently are trying to get approved for a $430k loan. The pandemic wiped out their jobs and they’ve been living off unemployment checks for the past year. My mom recently went back to work but she makes 20-30k a year. My dad still has his job but the industry may not recover post-pandemic. The bank raised concerns with my parents because their 2020 income does not look great. Pre-pandemic, their combined income was about $100k.
So my parents approached me to co-sign on their loan. We do not live together, and we live in two different states (United States) so I wouldn’t even be living in this house. My initial thought was hell no, but now they are guilt tripping me into signing. I’ve thought about it, and this would be putting about $700k into my credit report, and I was hoping to buy a house of my own in the next 5-10 years too, so my whole situation is making my boyfriend anxious as well. My mom claims that the bank told them that me having $700k of debt on my credit report wouldn’t hinder me in the future but I disagree. Another red flag is, I’ve asked my parents to disclose their financial situation, like savings, etc but they just laughed at the suggestion and said I didn’t need to know. Ok. I know for sure they don’t have any retirement accounts but that’s all I know. They also wouldn’t tell me the specifics of the house loan they are trying to get which is fishy to me. They keep telling me they’re confident they won’t miss a payment, but they’re 58 now and assuming it’s a 30 year mortgage loan, am i really expecting them to make payments at 88?
A little bit about me. I make around $120k a year (before taxes) but after paying taxes, student loans, and rent, I have maybe $500 left for groceries, gas, and my spending money a month. I live paycheck to paycheck but thankfully no car or credit card debt, just the student loans. I’m thinking I should tell my parents no and stand firm but I feel so guilty. Is there something I’m missing?
Thank you for reading
Submitted February 27, 2021 at 05:38PM by RefrigeratorFlaky995 https://ift.tt/3uE0jnL
