If a family member co-signs on my mortgage..

[kmk420kali]

If it was *your* parents, would *you* be willing to risk their well-being by having them co-sign a mortgage on a house you are going to turn into a grow op?

Ya know, Mom and Dad? The ones who have sacrificed so much to feed, clothe, raise and educate you for the last 18+ years? The ones who have sacrificed so much to give to you, their son/daughter?

We can be armchair lawyers all we want, and one thing will remain the same:

Once LEO busts you, they will try to ruin your life and anyone even remotely connected with you.

Do I want Momm and Dad being exposed to such a risk, no matter how remote?

The answer is, "No"

Besides, if I'm buying a house, then *I* am buying a house, not Mommy and Daddy. I am an adult and if I cannot buy a house on my own, I don't deserve one.

I agree with what you are saying, as far as if you can't afford it, don't buy it-- Parents as a co signer is very dangerous financially...but they are in no way at risk of being busted, simply because of co signing a loan--
As someone said, they are at that point, no different than the Bank...vested interest, but no liability for illegal activity--

 

[fishheadbob]

As someone said, they are at that point, no different than the Bank...vested interest, but no liability for illegal activity--

Yeah but if they seize the house which they might be able to do saying it was the site of lawbreaking, or was partially purchased with illegally obtained funds or whatever hokey reason they think up. what then. The bank is out whatever is outstanding on the mortgage; you and the cosigner aren't going to skate. The bank is going to come after your parents for the money they're out. Should they go after the DEA or whatever agency took the property. Probably, but the DEA is already all lawyered up with staff attorneys, you and your folks aren't.

 

[kmk420kali]

Yeah but if they seize the house which they might be able to do saying it was the site of lawbreaking, or was partially purchased with illegally obtained funds or whatever hokey reason they think up. what then. The bank is out whatever is outstanding on the mortgage; you and the cosigner aren't going to skate. The bank is going to come after your parents for the money they're out. Should they go after the DEA or whatever agency took the property. Probably, but the DEA is already all lawyered up with staff attorneys, you and your folks aren't.

I absolutely agree with you bro-- That is why I said it is risky--
But they are not going to get charged for the growing--

 

[crazybear]

If your family member gets charged or not are you going to be okay with them being stuck with a mortgage that they will have to pay on if you get busted? Something to think about!!!!!!!!

 

[Yes4Prop215]

maybe in a non med state...but i think you guys are being paranoid. if the co-signer has NO KNOWLEDGE of the grow how can they convict them?? they would need PROOF...like a phone call from tenant to landloard saying "next crop is ready, your mortgage payment will be covered"....or have the landlord on premises with drug money...or trace landlords accounts for drug money deposits over 9k...

i know someone who had their parents cosign a mortgage. he was raided in the house running a 20k lighter. the cops did NOT even attempt to seize his house...mostly because he owed damn near 600k on a 400k house....but also because they have no way to prove that the property owner was involved in money laundering or knowingly receiving drug profits...the parents lived 30 minutes away and had no idea what their son was doing..

ambition....type up some fake earnings reports for yourself..say you detail cars or do landscaping or some BS that pays cash. print up multiple excel files detailing your "earnings" type those out and give them to your parents. if the cops ever come your parents can pull up the reports and claim that you deceived them. place all the blame on yourself and im willing to bet your parents will be alright. you can even have them "disown" you in court for fucks sake......they aint gonna bust out no lie detectors...

Yeah,it's all a bunch of crap that I had put behind me...as I was reminiscing about it last night I remembered that's the reason why they threatened the family member with an arrest if he came to that state I was in. The X told them what I might do to stay out of trouble,turns out she knew me well. They threw a lot of threats around and tried to get at me via the people I loved.
In my case it was an ugly divorce turned into a child custody dispute. Since the X knew what I did,I didn't want the new property in my name. I had moved the Op and paid her off,but she got spun out and ratted anyway. They investigated me by busting associates and threatening them with big sentences...so they ratted on me to try and save their own ass. No dice on that,they went to prison too..and were taken care of with good old incarcerated hospitality there.

god damn bitches can be quite a handful huh. i remember meeting some bitch who claimed her ex husband was a grower, and she wanted me and my rooomate to rob her husbands grow house and split the funds....had to tell her to fuck off when i heard that BS...shady backstabbing females are the worst..

 

[trouble]

There are many personal questions you need to ask yourself before having someone to co-sign on a home mortgage, that you obviously plan to grow in.

This person will most likely be a family member who loves and wants to help you own your own home.

(1) If you were to get busted, and your home becomes another of many Government Property Seizures, the co-signers are still obligated to pay-off the mortgage company on a home the Government now owns.

If this were to happen, it would be an immense financial burden on the people who tried to help you. Any money that you may have, your attorney's will eat that up faster than a monkey on a cupcake. Therefore, I doubt you'll be able to help with any of the payments.

(2) In today's market, many Lending Institution will not allow a co-signer on a home mortgage who is not also an occupant of the premises that is being purchased. Your going to find it difficult to find one.


(3) If the co-signer knows you intentions, and they still agree to help. Fuckem, it something happens, they knew the risk.

 

[Wise]

All I know is that the bank always gets paid first. So lets say you have a $300,000 mortgage with the bank. You have paid $50,000 towards the principal and still owe the bank $250,000. The only way the government is going to touch that property is to pay off that $250,000 mortgage to the bank. On the other hand, you owe $50,000 on this $300,000 house, you're damn right they'll pay the remaining balance and flip the property for a solid $250,000 profit. The scenarios are endless. If they are willing to pay the remaining balance off, and have it be "profitable" (either economically or punishment) in their eyes, they will. We all know the economics is what their most likely basing that decision on. In most cases, it's not worth their time, especially with the housing market the way it is. The same reasoning would apply with a vehicle. Of-course to them a car is easier to sell than property. Not to mention cars often don't have a lien holders.

As far as the co-signer goes, I would lean towards no, but I don't know for 100% certain. If they can prove without a reasonable doubt that the co-signer either knew, was involved in or conspired in the crime they will definitely indict them. Doesn't mean they'll win, but that's not good for anyone's reputation. Be careful.

 

[kmk420kali]

All I know is that the bank always gets paid first. So lets say you have a $300,000 mortgage with the bank. You have paid $50,000 towards the principal and still owe the bank $250,000. The only way the government is going to touch that property is to pay off that $250,000 mortgage to the bank. On the other hand, you owe $50,000 on this $300,000 house, you're damn right they'll pay the remaining balance and flip the property for a solid $250,000 profit. The scenarios are endless. If they are willing to pay the remaining balance off, and have it be "profitable" (either economically or punishment) in their eyes, they will. We all know the economics is what their most likely basing that decision on. In most cases, it's not worth their time, especially with the housing market the way it is. The same reasoning would apply with a vehicle. Of-course to them a car is easier to sell than property. Not to mention cars often don't have a lien holders.

EDIT** My bad...I was wrong!!

 

[Yes4Prop215]

kmk do you have proof to back that up...i just cant see the police robbing both the bank AND the property owner....the bank would for sure step in and fight that mess...because they arent gonna want to deal with sueing someone for their 250k when the person can declare bankruptcy and never pay it off.....it doesnt make sense..the property "owner" doesnt actually own the property they just make payments on it...so in effect the police are robbing the bank not the mortgage payer..

same reason you dont see cops seizing leased cars....if they seized my car they wouldnt be stealing from me because i DONT OWN the car....they are stealing from the dealership bank that financed the car....

 

[kmk420kali]

kmk do you have proof to back that up...i just cant see the police robbing both the bank AND the property owner....the bank would for sure step in and fight that mess...because they arent gonna want to deal with sueing someone for their 250k when the person can declare bankruptcy and never pay it off.....it doesnt make sense..the property "owner" doesnt actually own the property they just make payments on it...so in effect the police are robbing the bank not the mortgage payer..

same reason you dont see cops seizing leased cars....if they seized my car they wouldnt be stealing from me because i DONT OWN the car....they are stealing from the dealership bank that financed the car....

I will try and check it out-- I don't think you can declare Bankruptcy on seized property tho-- But I am not 100% sure...I will try to check it out, and get proof before I say anymore on it--

I stand corrected!! Thank you for pressing me to check....I don't want to put out false info!!

[FONT=Arial,Helvetica]If you lose the forfeiture case and the government sells the property, the government has to pay off legitimate liens from the proceeds of sale. Any mortgage payments you made while the case is pending is just more money the government won’t have to pay from the proceeds of sale. Still, it’s better to keep the payments current if you can. [/FONT]

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