Her Parents Expect Her To Cosign Their Mortgage Even Though Her Dad Filed For Bankruptcy
Saying “no” to your parents is never easy, especially when they frame it as a matter of love and loyalty. But when that “yes” comes with the risk of wrecking your financial future, how far is too far to go for family?
She’s already helping with bills, insurance, and whatever else they need. Now they want her to cosign on a house she won’t even live in, and when she hesitates, she’s labeled a problem. Is she wrong for putting her financial safety first?
This 21-year-old girl’s parents are expecting her to cosign their mortgage on a house that’s worth $200,000, along with her 22-year-old brother.
She’s in the military, and she doesn’t live in the same area as her family. Her dad and her brother live three hours away from her siblings and her mom due to work, so they’re all spread out.
“My dad and brother are currently paying rent, and they’re looking to buy a house. However, my dad has filed for bankruptcy, and my brother has only been working for 3 months at his new job, so he might not get approved,” she explained.
“That’s why they need me to co-sign for my name and ID. They told me I won’t be paying anything because I won’t need to put my banking information. That my brother and dad will pay it, and I just have to act as a cosigner.”
“This is my first time doing something like this, especially taking on a big commitment such as a home that I won’t even be living in.”
She began investigating what it would mean if she did agree to cosign. She found out that she would be on the hook for the money if it doesn’t get paid off in a timely fashion.
She then questioned her mom about what cosigning would entail. To be fair, she’s wary of being responsible for her mom and dad’s mortgage when her dad has a long-standing history of finding himself in debt.
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Her mom got upset and accused her of being negative. Her mom insisted that if she did love her dad, she wouldn’t hesitate to sign.
“I told her it’s because I want to think of things realistically and don’t want to be in debt in case my brother can’t pay things off,” she added.
“She said that my distrust of my dad is unfair. And that this is the only help I’ll be giving towards my family, and I can’t even do it (mind you, I’m paying for my mom and siblings’ house insurance, my mom’s phone bill, and other miscellaneous things that they need money for).”
“Now she said she doesn’t want me to do it at all because of how I reacted.”
Do you think she was wrong to be worried about cosigning her mom and dad’s mortgage?
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