Real Answers for Life’s Money Challenges
My boyfriends mother passed away in April 2022.
In 2000, she refinanced her deceased mothers brownstone.
She had her name and her two adult sons names on the deed.
At some point, the house went into pre-foreclosure.
She refinanced again, but this time, she had to remove her sons names from the deed.
In 2022, his mom was in and out of the hospital.
At one point, she was released from the hospital and doing well.
I created a list of financial questions my boyfriend needed to ask his mother while she was in recovery.
I was unaware of the above information regarding the deed at the time.
Later on, I realized he hadnt approached his mother about her finances.
Its been eight months since his mothers passing, and the mortgage lender has proceeded with foreclosure.
He signed an agreement with the lender saying he will refinance the home.
He has worked in construction on occasion but has no pay stubs to show.
He asked me to refinance the home in my name and connected me to a lender.
The monthly mortgage would be $5,000.
He doesnt make enough to pay for the electricity bill, water, etc.
I do not make that much.
The lender was saying that I have a great credit score, which made my boyfriend happy.
I recently found out my landlord will not renew my lease.
At the same time, I got a job offer that will be three hours from where I live.
I asked him whether there are other options.
He agreed to pay the other half but has yet to do so.
Although my boyfriend has not contacted me since then, I feel I made the right choice.
To what extent could I have been financially ruined?
A foreclosure judgment stays on your credit report for seven years.
During that time, you face an uphill battle whenever you need financing or want to rent a home.
But none of these things are going to happen to you.
Are you struggling to cope with financial stress?
First, take a deep breath.
Then, take a look at our roundup ofresources to help you manage your stress and your money.
Im assuming your boyfriend has been staying in the brownstone since the time of his mothers death.
Ignore his whining about how your decision will leave him homeless.
He needs to take responsibility for building his credit and work history.
Youd simply be putting off the inevitable.
Since you have a new job offer, this sounds like the perfect time for a fresh start.
Putting your name on any financial document can have lasting consequences.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
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