My dad wants me to go onto the deed of the house with him so he can be able to refinance?

Elza
My dad wants me to go on the deed of the house with him... so he can use my income to be able to refinance... when my parents divorced my dad was left the house along with all the debt that came with it... including 2 morgatages and plenty of cc debt... he's unable to file bankrupcy because he makes too much... he's retired with a pension which my mom took her half of that too... and he has to work another job just to make ends meet... and he's just makin it by with that... my dad is over 50 and nearin 60... I don't want him to have to work like this for the rest of his life but at the same time i don't want to have to take care of things if something happened to were he couldn't... what would u do?

Agustin
I'd steer him to a good credit counselor, its possible he has never had a good money sense. I've never heard of making so much money you can't file, unless what he means is that all his debt won't be erased, and that he will have to repay what was borrowed. The new bankruptcy laws are difficult.It may be time to sell the family home, hope the sale covers the two mortgages and the cc debt and for him to start fresh.If you go to the bank with him and get a mortgage with both your names, you will be as responsible for it as he is and they can come after you if he can't pay.It will also go against you should you try to buy a home of your own. They will look at your debt and his house will be on your record. If you can afford it and want to help, buy the home from him and have him be your tenant, with a standard signed lease. That way he will get some money, unless his house has gone down so far in value its not worth the two mortgages, and you will have an asset as rental property.

Darline
i would call a lawyer that could tell me the implications of each decision - like, can you be sued, things like that.

Bill
That doesn't sound right, that he's on half a pension but makes too much to declare bankruptcy, but has to work another job to make ends meet. Why doesn't he just quit the second job, then he'll make less. Sorry, I'm no financial guru, that just doesn't sound right to me.