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Keeping my fingers crossed - or shoud I

April 17th, 2009 at 08:13 am

I have had my mom's home listed for sale by owner for about three months. Currently, my BIL is living there and paying rent. He really wants to purchase the home along with his girlfiend but there credit is not that good. He has asked my MIL to go to the bank to cosign with him. I'm not so sure that is a great idea. MIL is 84 years old owns her homes gets a pretty good pension and has money in the bank. The house and the lot are only 60K and I guess if he gets mortgage insurance it will be ok. I just hate to see her cosign with anyone for anything but again, I would love to see my BIL get the house.

4 Responses to “Keeping my fingers crossed - or shoud I”

  1. Ima saver Says:

    I would not reccommend that your mother co sign for anything. That is very dangerous.

  2. dmontngrey Says:

    Mortgage insurance isn't going to protect your MIL from anything. She'll still be fully responsible for the house if your BIL doesn't pay for it. Doesn't sound like a great situation at all.

  3. ceejay74 Says:

    Yeah, her money will be on the line if he defaults. It's her decision to make, but also yours, whichever you think would affect your relations with the in-laws the least--turning down your BIL, or letting your MIL risk her nest egg?

  4. tynana Says:

    Thanks for all of the replies. I feel a bit like everyone else. Either way this house will still be on my mind every month. I think I will defer to my sister-in-law who can advise her mom better than I can. She has POA for mom and so the ball will basically be in her court.

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