Re: When to say NO
Originally Posted by
eyes_of_a_painter
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You have to learn to say no. If not, others will take advantage of you or you can get into trouble. I will give you an example..
About 20 years ago my older sister did not have credit. She had just gone through a bad divorce and needed a house to stay with her children. She had the money for the down payment, but could not qualify. She asked me if I would apply for the loan and she would pay for the mortgage. The house was for around $100.000. I took the risk to help her knowing if she could not pay for any reason, I had the possibility to pay the mortgage. Thank fully 20 years later. She refinanced the house and got my name out of the mortgage and the property.
So now my niece approaches me wanting to buy a new house for $500.000. She and her husband cannot qualify for the loan, so she asked me if I would guarantee the loan. I refused simply because, I would be on the title for 30 years and the monthly mortgage payment is close to $4000 a month.Alot can happen in30 years and at my age I am not willing to take that risk and peace of mind is very important now for ne.
So she is upset with me today for not helping her out.
I think I was wise to stick to my guns.
BIB. And quite right too! That is a lot to take on as you rightly say, at your age.
Who would help you if your own money ran out somewhere down the line? You DO need to consider yourself and your own needs at times.
Over here we have a TV programme called Can't Pay, We'll Take It Away. Recently one case was of where a father stood as guarantor for his daughter. I can't remember the exact figure the bailiffs wanted but on screen the mother was breaking her heart, crying they didn't have that kind of money, while the daughter - over the phone - said it was their problem to sort out. So now the parents felt estranged from their own daughter, simply by trying to help her out, and it all came crashing down round their ears.
So, yes, stick to your guns and say NOOOOOOO!