My sister in law just filed bankruptcy and decided to let the bank take her home so she can start over. But now she and her husband found a house for 60k and is asking her brother (my husband) if she can borrow money from our equity that we have on our house which is basically all of the equity that we have, so she can purchase this home. My husband is thinking of lending it to her but I think it is a bad idea. What should we do?
Would you lend all your home equity to a family member trying to buy a house?
02
Mar
5 Comments
Posted in Uncategorized
Tags: Equity, Family, Home, House, Lend, member, trying, Would
Kim P
March 2, 2010 at 6:32 am
NO,NO,NO
Do not jeopardize your home for someone else. Especially someone who has not shown financial responsibility in the past.
HEATHER
March 2, 2010 at 6:49 am
Heck no! This is not you and your husband’s problem. Your SIL can her husband will just have to suck it up and deal with renting for a while. The only way you should do this is if you and your husband are totally willing to give them the money as a gift, not to be repaid. If that isn’t the situation, don’t do it. It will at best ruin your relationship with them and at worst you will lose your own home.
Rico Trump
March 2, 2010 at 7:44 am
NO
bud68
March 2, 2010 at 7:57 am
You are correct.
NunyaBidNess
March 2, 2010 at 8:25 am
Tell your hubby he is out of his free frippin’ MIND….
What happens when this family member inevitably defaults ( they will if they havent got money for a down payment.. you just KNOW it..) ??
YOU are left on the hook paying the mortgage off with NO help from your family member…
DUMB DUMB DUMB DUMB DUMB DUMB idea..
Did I say it was a DUMB idea???…….