The thing is I’m the only person in the house that doesn’t have debt and have good credit (~700). My mom is forcing me to co-sign a 250k mortgage loan on the house with 5.2% interest. Obviously, I’m not comfortable with this. I’m a full-time college student who work two part time jobs. She and my aunt are the ones who’s going to pay and they promised me that it won’t be an issue where this comes up but nothing is ever guaranteed in life. I need help I don’t know much and my family shunned me when I said I don’t want to sign it.
My question is what is the pros and cons of this? I’m so lost and I need help. They said worst case scenario if we can’t make more payments then they will find someone to buy it off of us and it won’t be an issue but what happens to me if we got foreclosed on?
Edit: I really am overwhelmed by a lot of this. I didn’t expect this post to get a lot of responses but I really appreciate all of the inputs here. Everyone say the same thing but it is really hard for me to process right now since this is such a huge change in my life if things go south.
I just want to say thank you for what a lot of you are saying what I already thought. I still am struggling to go through this. My mom was the biggest support system I had. She made a lot of sacrifices for me but I feel incredibly hurt she threw it back in my face like this when I told her I’m not comfortable with such a big responsibility.
I will update once things settle down more and that we have a talk together as a family
edit 2: a lot of people asked how can it get approved and I have the same question because I don’t make that much money even with two part time jobs. She apparently went to a finance company that deals with mortgage loan specifically and not the bank
Submitted March 23, 2019 at 11:34AM by tealeafp https://ift.tt/2TR7Hxj
