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When will people learn there is no "primary borrower" when you co-sign. That poo poo is your responsibility and you get turbofucked when the idiot who couldn't get a loan on their own (gee, I wonder why?) stops paying on it.
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Feb 21, 2018 17:36
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We should brand the words, "jointly and severally liable" into every cosigner's skin.
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Feb 21, 2018 17:48
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Also no one has ever refinanced a loan they couldn't afford to get a co-signer off. I mean, I'm sure they have but for purposes of this lesson IT HAS NEVER HAPPENED. The lender has absolutely no interest in removing the one good borrower from the risk pool. I know because I've been there.
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Feb 21, 2018 17:52
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Krispy Wafer posted:Also no one has ever refinanced a loan they couldn't afford to get a co-signer off. I mean, I'm sure they have but for purposes of this lesson IT HAS NEVER HAPPENED. The lender has absolutely no interest in removing the one good borrower from the risk pool. Bingo. I can't blame them for it, but it's still a shame that people think refinancing means something other than "new loan on the same old poo poo". When it comes to student loans, for instance, if you want to release a cosigner, you need to pay off the loan. I used to be really BWM, now I'm OKWM.
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Feb 21, 2018 18:05
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Reminder of my sister-in-law’s mother-in-law who is the sole signer on my the sister-in-law and girlfriend’s car, which costs $400 a month. I know I told that story already, but it’s relevant.
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Feb 21, 2018 18:51
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22 Eargesplitten posted:Reminder of my sister-in-law’s mother-in-law who is the sole signer on my the sister-in-law and girlfriend’s car, which costs $400 a month. I know I told that story already, but it’s relevant. Your sister in law is your girlfriend? I'm really confused here.
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Feb 21, 2018 18:56
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canyoneer posted:https://www.reddit.com/r/legaladvice/comments/7yjglo/wife_cosigned_for_a_friends_car_under_the/ After reading this thread enough, I'm starting to think that co-signed loans should be made illegal. People just have no understanding what a co-signed loan entails. If person A can't get the loan without co-signer B, then B needs to just take out the loan themselves. Only exception is for marriages, but I'm not sure if banks consider a loan to a married couple to be the same as a co-signed for loan.
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Feb 21, 2018 19:06
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Lysandus posted:Your sister in law is your girlfriend? I'm really confused here. Sister in law’s girlfriend’s mother took out a loan for a new Accord at $400 a month while already owning (probably financing) two new-ish S-classes and having just put less than 5% down on a new 4 bedroom house. As a single mother. Accord is being paid by sister-in-law and sister-in-law’s girlfriend, but they aren’t on the loan. The girlfriend in question runs a dispensary that I suspect may not be reporting all of its income, and the sister in law makes $17.5 an hour as a temp about 90 minutes outside of LA.
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Feb 21, 2018 19:12
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I wonder if Mike Pence has tinder for horses on his phone?
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Feb 21, 2018 19:14
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Nocheez posted:When will people learn there is no "primary borrower" when you co-sign. That poo poo is your responsibility and you get turbofucked when the idiot who couldn't get a loan on their own (gee, I wonder why?) stops paying on it. It boggles my mind that anyone would ever think this. Like what do they think co-signing is for, if not agreeing to pay off the loan? Do they think it's just like a reference that says "yeah my friend is good for the money, trust me I know him" oh my god that is what they think isn't it.
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Feb 21, 2018 19:21
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VitalSigns posted:It boggles my mind that anyone would ever think this. Yes, that's exactly what the thought process is. They're used to references for jobs, and they assume this is just like that.
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Feb 21, 2018 19:36
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A horse girl on my FB feed posted details on what looks like asking for a half lease on a horse. A rental horse? Am I looking at a Time Share Horse?
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Feb 21, 2018 19:56
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I stopped reading the thread in early December, and as this point I've declared BWM Thread Bankruptcy. Have I missed out on any especially juicy posts on the last 2 months?
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Feb 21, 2018 20:07
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My parents stole a $380k condo from me and my fiancee is too poor to sign a prenup
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Feb 21, 2018 20:22
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Volmarias posted:I stopped reading the thread in early December, and as this point I've declared BWM Thread Bankruptcy. Have I missed out on any especially juicy posts on the last 2 months? Yes
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Feb 21, 2018 20:33
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Thanks!
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Feb 21, 2018 20:38
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GoGoGadgetChris posted:My parents stole a $380k condo from me and my fiancee is too poor to sign a prenup Put a bike lock on your condo next time and don't leave it in a bad neighborhood.
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Feb 21, 2018 20:51
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Panfilo posted:Put a bike lock on your condo next time and don't leave it in a bad neighborhood. There's a joke about concrete foundations weighing more than 400 pounds in here somewhere, but I just can't do it. The threadstreams are crossed enough as it is.
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Feb 21, 2018 20:57
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Bird in a Blender posted:After reading this thread enough, I'm starting to think that co-signed loans should be made illegal. People just have no understanding what a co-signed loan entails. If person A can't get the loan without co-signer B, then B needs to just take out the loan themselves. Only exception is for marriages, but I'm not sure if banks consider a loan to a married couple to be the same as a co-signed for loan. I think it can be used for a parent to help their kids build up a credit score right? Assuming they have a good relationship.
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Feb 21, 2018 21:47
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potatoducks posted:I think it can be used for a parent to help their kids build up a credit score right? Assuming they have a good relationship. The screwing can go both ways, though. Still a bad idea!
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Feb 21, 2018 22:00
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We see it in commercial real estate where Rich Person A is paid a few percent of a project’s loan amount as cash or equity in Developer B’s project when they get a loan from Lender C. A collects cash or a preferential stake in a project, without having immediate cash outflows, B is able to finance their project at a more reasonable rate, and C sees an improvement in their collateral. If B is a scoundrel, they can run off afer collecting developer fees, but will probably also be stuck with a guarantee to C, so A feels safe, plus the guarantee will come with a preferential stake in any below cost disposition if they were paid in equity. Additionally, B typically wants to finance another project, so they won’t burn A unless they don’t need any guarantees anymore. That is how co-signing works where everyone is an adult and knows what they are doing. Not knowing what you are doing when you co-sign lands you in this thread.
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Feb 21, 2018 22:22
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Parents good with money? https://www.reddit.com/r/relationships/comments/7z7v1l/husband_27m_has_been_resentful_of_me_25f_because/ quote:We had a budget set for a wedding with me, my parents, him, and his parents all contributing a certain amount. With a month left to go, a lot of the vendors started calling to make sure we could all pay up. Unfortunately, we had a lot of bad luck strike us. His dad needed emergency surgery, which caused them to bow out of their contributions. My parents for some reason were shocked by how much they owed and stated they couldn't afford to pay for all of it. And this was despite the fact he had a spreadsheet detailing how much they would owe with them going "Yeah, no problem". Gee like why doesn't he just get over it?
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Feb 21, 2018 22:33
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Harry posted:Gee like why doesn't he just get over it? Yeah it was just "bad luck". I can see that marriage lasting a long time with her destroying his investments with an excessive wedding and the parents being deadbeats who he hates.
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Feb 21, 2018 22:38
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Maybe it will help him feel better if he mentally frames it differently. He didn't spend 5 years of investment savings on a wedding, he instead spent it on his dad's surgery, his inlaws' new kitchen, his wife's sibling's trip to France, etc!
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Feb 21, 2018 22:46
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I love the thought process. Instead of scaling back the wedding due to insufficient funds, dig into emergency funds and long-term investments to pay for it.
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Feb 21, 2018 22:48
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Perfectly reasonable, why post it here?
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Feb 21, 2018 22:50
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please knock Mom! posted:I love the thought process. Instead of scaling back the wedding due to insufficient funds, dig into emergency funds and long-term investments to pay for it. Parents probably got the bill a week before the wedding and were like "lol gently caress that" Shame they didn't have the decency to fake a major illness they need surgery for.
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Feb 21, 2018 22:51
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Weddings get a bad rap around BFC, but uh... it's literally the single most important thing in the entire world to many people and they'd wipe out their savings with a smile on their face if it meant their dream wedding was a reality. I fault them both for not knowing what's important to their partner. Obviously the parents suck too but you're an idiot if you count on receiving Gift Money until it's in your hand.
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Feb 21, 2018 22:53
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please knock Mom! posted:I love the thought process. Instead of scaling back the wedding due to insufficient funds, dig into emergency funds and long-term investments to pay for it. It sounds to me like the parents agreed, then backed out after the wedding was over when the bill came
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Feb 21, 2018 22:53
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TheQuietWilds posted:It sounds to me like the parents agreed, then backed out after the wedding was over when the bill came "With a month left to go, a lot of the vendors started calling to make sure we could all pay up." Sounds like they could've just bailed along with the parents and scaled everything down a tad. But then again maybe they got a really good wedding out of months of planning + 5 years of investments
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Feb 21, 2018 23:00
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He had no idea she wanted this wedding so bad, and she had no idea he wanted to buy a house Like she was actually calling it a success that they're coming out of this without any "Post wedding debt", lol They're not on the same financial page at ALL
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Feb 21, 2018 23:03
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Yeah but his page is an actual page from a book and her page is a piece of yellow stained toilet paper with crayon markings all over it
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Feb 21, 2018 23:05
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please knock Mom! posted:Yeah but his page is an actual page from a book and her page is a piece of yellow stained toilet paper with crayon markings all over it I agree with you personally, but I understand not everyone does. I've seen fortunes pissed away on Bar Mitzvahs and Quincinieras, but... whatever makes people happy I guess.
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Feb 21, 2018 23:07
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GoGoGadgetChris posted:He had no idea she wanted this wedding so bad, and she had no idea he wanted to buy a house It was for her. She got her wedding at the expense of his premarital assets and now they can rebuild "together".
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Feb 21, 2018 23:44
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https://www.reddit.com/r/legaladvice/comments/7z5z73/20000000_verdict_against_hoa_owners_now_liable/quote:Teenager was injured by playground equipment, HOA was sued and lost because they knew the equipment was defective, didn't follow the manufacturer's maintenance plan, and didn't do their own maintenance. The HOA is currently appealing the verdict. Insurance only covers $2,000,000, leaving $18,000,000. There are 205 homes total. This is in Las Vegas, NV. Adequate maintenance? Insurance? Why that costs money!
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Feb 21, 2018 23:52
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Our 401k provider gave us a cool stat recently. About 75% of husbands say that they fully and completely handle the family finances without input from the wives. About 75% of wives say they're involved in handling the family finances. No wonder errybody gets divorced
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Feb 21, 2018 23:53
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Hoodwinker posted:We should brand the words, "jointly and severally liable" into every cosigner's skin. If people learned the liability involved Judge Judy would cease to exist. meat police fucked around with this message at 23:58 on Feb 21, 2018 |
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Feb 21, 2018 23:55
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Is it legal for a HOA to make its subjects pay for the consequences of its illegal behavior, or can the homeowners just laugh and tell the HOA to get hosed?
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Feb 21, 2018 23:57
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22 Eargesplitten posted:Is it legal for a HOA to make its subjects pay for the consequences of its illegal behavior, or can the homeowners just laugh and tell the HOA to get hosed? HOAs can lien the real property within the association and its liens are senior to mortgages. Which is to say that homeowners can say get hosed as they hand over the keys. Also, the board probably has bylaws that the association will pay their legal fees.
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Feb 22, 2018 00:06
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Harry posted:Parents good with money? Hoodwinker fucked around with this message at 00:09 on Feb 22, 2018 |
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Feb 22, 2018 00:07
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