Question
Should I co-sign for my disabled mother?
I'm in a tough situation. I live in TX, and my disabled mother (with severe Rheumatoid Arthritis) has a rent lease that is about to expire, so she asked me to co-sign for her new home. I'm very nervous about her messing up my good credit that I've spent so long building up. I plan on getting married and buying my own home within the next couple years. I know that this will remove my first time home buyer status, and the only way to remove my name off of the home loan is to refinance it after 6-12 months. She has filed bankruptcy over ten years ago, and she's receiving disability payments monthly. Should I co-sign for her?
6 months ago - 3 answers
Best Answer
Chosen by Asker
No, this will or at least could prevent you from buying your own home. Her mortgage will be counted as your debt and may put your debt to income ratio to high to purchase another home. Not to mention what a late payment will do to your credit. She is not going to change her spots, she will treat your credit as well as she did her own.
by Landlord
6 months ago
Asker's Rating: 
Other Answers
No The chances of her being able to qualify on her own for a mortgage 6 to 12 mos or even 2 years from now is pretty slim. If she is only receiving disability, I would imagine this isn't enough to qualify for a mortgage. This also will impact your ability to buy a home in a few years. The house you cosign for her on, will be counted as a liability. It could throw your whole debt/income ratio numbers off the chart and you would get denied. Never a good idea to co sign for anyone, much less a family member who will most likely screw things up.
by Help Is Here!- 6 months ago
No. You should never co-sign for anyone especially a family member, not even your Mother. It totally changes the family dynamic, and not for the better. The bank or loan company or landlord only ask for a co-signer if they are pretty sure that the person will default (not pay the bill). That way they have someone else (you) to sue in court to get their money. The fact that she has a past bankruptcy and almost no money are two big red flags. Help her financially, if you are able and if you want to, but do it directly not through a co-signing scenario.
by Jeanne R- 5 months ago