It’s Time To Go Scorched Earth on Your Debt!
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Should I co-sign a mortgage for my sister?
Hi there. Hi everyone. What's going on? Well, um, I would love to be able to help my sister obtain a mortgage. Um, since the death of my mom and August, um, he finds herself in a position of, um, needing a place to live. I want her to move very close to me in the same town, hopefully. And unfortunately, because she was my mother's caretaker for the last six years, she did not have an income. My husband does not want to co-sign on a mortgage for her. Why not? I'm having a hard time with that.
When he told you that, what did he tell you?
He told me I'm 62 years old. We just paid off our own home. I do not want my name on another mortgage for the rest of my life. I'm having a hard time with that as a reason because it most likely would be a temporary situation.
What do you mean temporary?
Well, I would assume that once my sister is settled and with a job that she would be able to take over the mortgage. I guess refinancing and I guess getting his name off of that mortgage. How old is your sister?
You're 62. How old is she?
I am actually 60. She is going to be 62 in February.
Does she have income now?
She has a very small pension that she's collecting on. She started that early because of leaving her latest job. Does she have any money to her name? No.
Jackie, do you see the writing on the wall that your husband sees? You are taking on this mortgage for yourself. It's going to stifle your ability to retire because you're going to have to pay this entire mortgage.
Yeah. Jackie, first off, I'm sorry that you lost your mom. It says on the screen that you live in New York. what does it cost? I'm just trying to get my head around the numbers.
I'm sorry. I actually don't live in New York. New York would be the biggest, closest to me. That was the question. So where you live, where you live, what is, okay.
And what does, what you're looking at, what does it cost?
Um, as far as, um, if, for her to buy a home well i mean for her to live in a house that she needs or wants to i mean you're the one saying that you should buy or something so i'm just trying to see what you guys have looked at that would suit her needs her her buying a home would be contingent upon selling the selling of my mom's house sure and what would you guys get for that And I would say that, um, pro approximately between 80 and $90,000. I am one of seven. So, um, we are all on the deep, so it's one seventh of. of the entire sale.
And, um, I have also agreed because I'm not in the, can I clarify is the 90,000 one seventh or is that the 97, 90,000 split seven ways?
I'm sorry. No, it's, um, it's 90,000 would be one, one seventh. All of us would probably collect. Okay. Got it. Possibly. Yes. Okay. Um, so we're, we're trying to sell the home now. So in other words, her, her, Obtaining a home close to me would be contingent upon the sale of my mom's house. Sure. I have also agreed because I'm in a position where I don't work. I don't have to. We're well set.
Can I ask a question? sure if you want your sister to live very closely to you because that's that's in one hand and then you've got your husband who gets a vote saying I do not want to sign and co-sign for a house which by the way I agree with I'm pretty sure George 100% agrees with too what would it look like if she could she stay with you guys for a while until she could you guys set a limit of time and say hey we want you to live here or we want you to live on this side of town or on this side of the country, whatever it is. What if you stayed with us for four months or whatever you guys decide, talk to your husband and until you get a job on this side of town. And then when you get a job, the house sales, you'll move into your own place. What would something like that look like?
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Chapters
8 chapters
1
Should I co-sign a mortgage for my sister?
0:45–12:19
2
Is it okay to rent when I first move out?
12:19–15:38
3
How can I help my son pay for his second degree?
15:38
4
What are the benefits of a high-yield savings account?
4:00–21:28
5
How much should I save for a down payment?
21:28–26:23
6
What should I do if my partner has hidden debt?
26:23–33:06
7
How can I manage my debts after a health crisis?
33:06
8
What is the best strategy for paying off debt?
33:06–1:15:33