So my parents took out a loan to buy a block of land couple of years ago. Never really got around to building a house because my Dad was laid off after a few months. I graduated from university and managed to find a decent software developer job fairly quickly (~$65k annually).
Now they are asking me to cosign on a loan that will pay out the current loan on the land and to build the house (they said that they would take care of the payments). They said that I would be able to take my name off the loan after a year. I'm not sure if that is possible.
I feel really uncomfortable and sorta guilt tripped into doing this (things like we've supported you throughout your whole life, why can't you do this for us).
I have some questions on how this will affect me in the future:
- How will this affect me trying to some day buy my own house/car?
- Can I get my name taken off the loan? How does that work? Does my Dad need to find a job for that to happen?
- Anything else I missed out on?
Submitted November 23, 2017 at 06:58AM by kaozgamer http://ift.tt/2jgNOKU
