A friend of mine discussed about cosigning a mortgage together back when we were looking for a house to buy. Fucking dodged a bullet on that one.
Must be serious then.
unless they want it to gamble or some stupid other thing, I will co-sign.
If you're not good for your family, then you're good for nothing.
For my family I would, but everyone's family is different and I wouldn't fault them if they didn't for theirs. I just know I can trust mine.
Sorry you can't trust yours, I have no issue helping out my Mom, brother, or sister. What they need matters more to me than anything else. I've done it before, they've done it, we will all do it again I imagine at some point."I just know I can trust mine."
you know how many folks said that who ended up taking on a loan/ mortgage for their family after they couldnt pay?
every
single
one
It's like saying "MY dog doesn't bite people".....
Sorry you can't trust yours, I have no issue helping out my Mom, brother, or sister. What they need matters more to me than anything else. I've done it before, they've done it, we will all do it again I imagine at some point.
So what? I pick up a couple payments for my family, they've done it for me before, and I've done it for them. Not everyone has a me first mentality.
laughable.
There is usually a darn good reason banks will not lend to people and they need you and your good credit to act as a guarantee.
That guarantee is usually backed by some sort of collateral - like a house!
If your deadbeat relative doesn't pay the loan repayments, or if your great relative has a run of bad luck and they lose their job, the bank is coming after you and your collateral.
So what? I pick up a couple payments for my family, they've done it for me before, and I've done it for them. Not everyone has a me first mentality.
If you co-sign - what risk are you exposing yourself to? Eg are you 'just' fucked on your credit score, or would your own house be at risk?
It sounds like you have a good relationship with good communication, and there are no hard feelings for the MIL. Would it help to avoid repeating hard lines but instead talk to your wife about it in terms of her MIL? Eg are there practical things you can help to build her credit back up (putting her on one of your cards as a 'silent' user should be low risk to you, but help her rebuild), that kind of thing? It sounds like your wife knows this is not the right thing to do, but it is her mum so she'll be torn wanting to help. Might not be the time for hard lines (but have them ready just in case)?
Only for a child of yours and if you're prepared to take over the payments yourself if they can't keep up.
Edit: I had a girlfriend that got herself removed from her ex husband's house mortgage. Have your mother in law's husband do the same and see if that helps. If not... Oh well. A house isn't a necessity so fuck co-signing on a luxury like that.
Edit 2: The more I think about it, the more it irks me that they'd even ask you two to be responsible for a $100,000+ loan. If they can't keep up you're faced with having to pay two mortgages or if you don't pay theirs then you're ruining your credit. So they'll either be living rent free or you're fucked. You try to sell the house (if that's even possible without the primary person on the loan's consent) and you'll have to go through the sometimes lengthy and difficult process of eviction. That's a hard NOPE and middle finger to the mother in law.
Sorry you can't trust yours, I have no issue helping out my Mom, brother, or sister. What they need matters more to me than anything else. I've done it before, they've done it, we will all do it again I imagine at some point.
Sure anything and everything could happen, but I'm not going to live in fear of that.picking up a couple of payments has nothing whatsoever to do with co-signing on a loan.
with the best will in the world, circumstances can change and cause a previously reliable person to be unable to pay their loan repayments.
to assume this cannot happen, because they are"family" or are of good character, its most odd.