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That’s the moral passed along by an accountant who called me to see if I could help out a client of his, who co-signed a mortgage.  Seems the son had “hopes” of landing a job, and needed the “stability” of a house, so Dad put up the downpayment and put himself on the hook.

The job the son landed turned out to be 2,000 miles away, so the son up and moved, leaving the house --and his father-- behind in a cloud of dust (and obligation). 

Dad neither wants to be a landlord nor a deadbeat, so I agreed that I’ll meet with him to explore what legal and practical options are available to salvage his credit score (perhaps) and recoup some of his equity (highly unlikely).  I will not be offering any advice on repairing the parent-child relationship, I assure you.

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( 2 comments — Leave a comment )
(Anonymous)
Oct. 2nd, 2010 11:28 pm (UTC)
Talk to the accountant before, not after.
This does not surprise me. I heard stories of bus boys buying $500,000 to $800,000 houses with sub-prime loans in the "no down payment" needed heyday of a few years ago. The father should have consulted the accountant BEFORE he co-signed with his son.
real_lawyer
Oct. 3rd, 2010 01:17 am (UTC)
Re: Talk to the accountant before, not after.
AMEN!
( 2 comments — Leave a comment )

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