My idiot brother

[Kurb]

ohhh adamant NO...nm then

[Davidson Deac II]

Despite what some real estate agents might tell you, renting is not always a bad thing.

[Mvp2014]

listen to the wife. It will only strain your relationship with both of them

[pstall]

rent/rent/rent/rent. especially based on his lot in life at the moment.

[dimbee]

How long was his wife out of work? Is the work that she started less than a year in the same field as her previous employment?

[Happy Panther]

If it is only a cosign on a pretty cheap place that you could afford to take over the payments then its not as big a deal. You can't really lose any money except through the housing market.

Oh I guess there would be the issue of what happens when he stops making payments but wants to live there. I would have a contract in place that says if you start making payments the house is yours or something.

But I personally would not get involved.

[Epistaxis]

How long was his wife out of work? Is the work that she started less than a year in the same field as her previous employment?

She changed jobs, completely out of her field to a sales gig that has a base plus commission.

So we are looking at two people with a significant amount of "creatively reported" income, if you catch my drift.

[Miaoww]

If the wife says no that's the end of the discussion.

[Epistaxis]

Interestingly, we are moving in opposite directions on this one.

She said HELL no day before yesterday. Last night she was saying she started feeling bad for them and was reconsidering.

I am moving from maybe to HELL no.

Still in discussion.

[CRA]

Theoretically i am not giving him any money.

He has never asked for money, and even mentioned that he never would or will.

It is the assumption of risk as a co-signer for the home loan.

He could default, and I'd be responsible, but given the small (relatively speaking) size of the loan, it would be an annoyance, not a backbreaker.

Again, my instincts are hell no...but he is my brother.

I have a friend that sounds like you.....not so much the situation but the fact you keep ending every post with....but he is my brother.

So basically, you are going to do it. You just wish someone else out there had the same issue of never being able to turn down family. I get it. Tough to not help family when you actually could......even idiots.

[Epistaxis]

True.

And I'm wondering if I am missing something with regard to risk for me.

ie Credit rating, etc.

What I gather is, assuming I am not buying a car soon (which I am, but I don't finance stuff, I'm debt phobic, i buy when I have saved the dough and keep the car for 10+ years) or a house it really shouldn't matter.

Also, he plans (yeah we'll see) to refinance ASAP and get my name off the loan.

So I guess I just wonder if anyone had any knowledge or experience with anything similar.

[Jhyler12]

Don't do it man!

[dimbee]

A lot of lenders these days won't allow a co-signor if that individual will not be living in the home. Has your brother checked to see if they will allow you on the note?

[Epistaxis]

Good question, don't know about that dimbs.

I still want and plan to face-to-face with both of them before putting my ass on the line.

I want details, and lots of them.

whole thing is starting to tick me off.