Please please please help me!
My parent have to repay a Mortgage of 60,000!
The bank have agreed 13 years with them.
Now my dad is being rediculous about it! He s trying to sell the house to me and my brother as an interest only mortgage and get us to at it back over the course of 25-30 years.
But in the end me and my brother will be left in the same situation, still owing 60,000!
It s not fair! It s not our debt
Paying a mortgage at 20!?
2016-09-13 8:08 am
回答 (11)
2016-09-13 8:51 am
Your Father cannot pass the mortgage over to you or your brother.
You do NOT have to buy the house.
You do not seem to understand how mortgages work.
You do NOT have to buy the house.
You do not seem to understand how mortgages work.
2016-09-13 5:59 pm
whats the problem?
he cant sell the house to you without paying off the loan he has
If you want to pay 60k to buy it thats up to you+ brother and nothing do with your father, but YOU dont have to buy it if you dont want to
IF you buy it then its YOUR house (+ brother) and nothing to do with your father, so YOU have no obligation to let him stay there after you have bought it
where he moves to is his problem not yours
that is
If YOU+brother buy the house for 60k then yes you owe 60k but YOU+brother now own the house
he cant sell the house to you without paying off the loan he has
If you want to pay 60k to buy it thats up to you+ brother and nothing do with your father, but YOU dont have to buy it if you dont want to
IF you buy it then its YOUR house (+ brother) and nothing to do with your father, so YOU have no obligation to let him stay there after you have bought it
where he moves to is his problem not yours
that is
If YOU+brother buy the house for 60k then yes you owe 60k but YOU+brother now own the house
2016-09-13 12:06 pm
At least in the USA it is not allowed to pass a mortgage of any kind onto a different person without the approval of the mortgage company. If you do decide to buy this property then contact a lawyer to make sure everything is done in a fair way for you- do not buy unless it is fair to you.
2017-02-25 11:52 pm
say no... whatever you do, it needs to be in a contract even with family... have you read the other questions here? oh my...
2016-09-13 5:40 pm
Do not, under any circumstances, agree to such a ridiculous situation.
This would prevent you from ever being eligible to purchase your own home
and be approved for a mortgage. You will want to marry someday. Who would
marry anyone with all this debt? Leave if you have to.
This would prevent you from ever being eligible to purchase your own home
and be approved for a mortgage. You will want to marry someday. Who would
marry anyone with all this debt? Leave if you have to.
2016-09-13 3:48 pm
you are absolutely right, the $60K never gets paid by your parents and they reap all the interest over the years which they can use on the original mortgage
forget this scheme, it is not a good thing for you and your brother
forget this scheme, it is not a good thing for you and your brother
2016-09-13 3:03 pm
Interest only mortgages are stupid. If you don't think it's fair, don't buy the house. Simple.
2016-09-13 1:12 pm
Say no. Whatever you do, it needs to be in a contract even with family. Have you read the other questions here? Oh my.
2016-09-13 11:38 am
Nope - not your debt. So don't take it on; it's your parents mortgage.
2016-09-13 9:38 am
So don't buy it.
2016-09-13 8:57 am
Just don't do it.
2016-09-13 8:34 am
Say no. Your dad Can not sell the house without the lenders permission.
2016-09-13 1:46 pm
Don't even consider it. It's disgraceful that your Dad is trying to offload his debt on to you. The loan company won't agree anyway so Dad is in cuckoo land.
2016-09-13 8:24 am
What world u live in.?
What country u live in?
U and brother NOT required to BUY it.
So what THE problem.
Here he/she can NOT SELL it
Contact local educated adults for actual info locally
What country u live in?
U and brother NOT required to BUY it.
So what THE problem.
Here he/she can NOT SELL it
Contact local educated adults for actual info locally
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