Mortgage Loan

>>18628323
Why did he lose the other 2 homes ?

>>18628344

Depression and medication causing him to not care about anything on the first, and he straight up lost that one completely.

The second because he's unemployed and refuses to look for work, that one we ended up doing a short sale on and he lost about $20k

>>18628357
This didn't happen or this is bait. No one would be stupid enough to consider this.

>>18628366

I was drowning in debt slowly maxing out my credit card month after month and he offered to pay it all off, how am I going to say no to that.

>>18628421
Ehh because he's paying off a small amount of debt and asking you to put yourself into fucking HUGE debt in return? I'm not the same guy you replied too btw, but God damn you're insane if you go ahead with this

>>18628423

He paid off $17,000 of my debt, he basically paid for my car (I only made 3 payments on it)

Also, he would be paying for the loan, not me, in this case, what is the worst case scenario, just bankruptcy or foreclosure?

>>18628431
The thing is their will come back on you , ergo your new. At will be taken if the payments aren't made your bank account will be siezed your wages will be slashed , Not His

Do not do it. No parent should ask this if you. It doesn't matter that he's done stuff for you, he's supposed to do that.

>>18628431
So he has down-the-tubes credit rating but can shell out 17k Ito pay your debt + what your car cost minus 3 payments in cash ?

>>18628442

Long story short, my grandma died when I was back in highschool, he got a settlement and it's been slowly dwindling ever since, he would be putting the down payment of $20k on the house as well.

On the deed, with my name being first and his name being second, does that mean anything, does he have just as much power over the property as I do, and if he gets into debt himself, can they take the house that we both technically own?

Depends on the reason for buying the home in the first place. Will it be cheaper than renting? Is the primary reason to accrue equity? Is the reason to have a better lifestyle?

Why not make an LLC and buy it in its name. You can both be shareholders, since he seems to have some funds, have him front the cash for the downpayment for his stake in the company, you supply your good name and credit. He can rent the house from the company. If you do this right there is no risk at all. And any home improvement is now capital investment.

The beauty of this scheme is in making the rent comparable for the area, but since your costs will be low, no overhead to deal with the tenant, you can actually have the company turn a small profit.

>>18628474

It's for my dad and his sister, I will not be living there, they're currently living in a motor home.

>>18628458
I'm not aware of the laws governing credit/mortgages etc, but here : you can't meet rent/downpayment the creditors will cut losses by taking over the house, evicting you and sell the property. Any deficit they'll go after who signed .. to the maximum extent possible... Unless you're loaded, I advise against doing this