My parents have spent more than $50k on my brother and his fuck ups over the last 2 years. He continues to make the same mistakes and my parents keep bailing him out. He is 36 with two kids and living with the mother (no cs to pay).
I, on the other hand, have always been good with money. We decided last year we wanted to move home so we could be close to our families. In order to do so we brought $4k to the table when we sold our house and DH left a $100k job. But it was ok because we knew the trade off was worth it.
DH is now self employed and we cannot buy a house. We can pay for a house, we have great credit, and we have always been responsible for our bills.
We live in the house we want to buy but stand to loose it (and $3000 we paid toward future down payment) if we cannot qualify this year or next. There is a good chance we still will not qualify next year because of the all the tax right offs that we need for DH"s business.
We asked my parents once for a co-sign and my mom said no because my brother fucked up her credit and she finally got it repaired. Just recently they paid for a $6k car for him to drive to and from work.
I don't think my parents are required to co-sign for us. BUT I don't think it's fair that they are doing all of this for my brother and not even giving my request any consideration.
Our mortgage would be $1k a month (including tax and insurance) and we have one newer vehicle that is completely paid for. If things went south DH and I would still have the means to make a house payment.
NOw that they have bought my brother a car (again!) I am thinking of asking AGAIN for them to co-sign.
Would you? and Would you be pissed if they said no? We would re-fi to get their name off of it asap. HOwever, with our credit the way it is, it may actually help build their credit even more if they stay on! Just sayin...
**** I asked. My mom was very understanding but unfortunately it's not just her decision. She said she would do it in a heartbeat but my dad is standing firm. His reasoning? Because he has already been burned by my brother (yet he still continues to bail him out of every financial situation). We didn't beg, but I made it very clear that we have a large down payment (20k) and that we have a reliable car that is paid off. If things ever went south we have transportation to get to and from work to make a $1000 a month mortgage payment. We can't even RENT for that cheap around here. I also explained that DH and I would switch all of our life insurance policies to add them as primary beneficiaries if heaven forbid DH and I were ever killed in a car accident.. they would have the cash needed to pay for the house.
My dad won't budge. Even though my brother is living in a mobile home that my dad bought and driving a car that my dad bought and paid cash for. I'm not even asking for money!
I would also like to say that us not being able to buy the house right now has nothing to do with the amount of income we have. It has to do with not being able to PROVE our income. INterest rates right now are at 3.75%. NO telling what will change between now and next year, but we just found out that the landlords are not willing to extend our lease (because they need to sell it) and we will have to move... again.
I am so bummed =(