2007-02-08 07:43:55 · 21 answers · asked by ariel_angel 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
No way.
Suze Orman, financial guru, has a terrific show on TV and you should watch it. She answers this very question on every show and she always tells the caller "No way."
http://www.suzeorman.com/index.cfm
She has a new book, Women & Money, and I would buy it asap.
Allowing anyone to borrow against your home is not smart. He has not been smart with his money, nor has he been responsible with the IRS. His track record doesn't sound good to me.
Think with your head, not your heart. If the IRS debt belonged to you both, or the house belonged to both of you it would be a different story.
I vote no, please don't jeopardize your home!!
2007-02-08 08:29:37 · answer #1 · answered by wwhrd 7 · 1⤊ 0⤋
NO NO NO NO NO!! I work for a loan company and it is NEVER a good idea to do that. It will eventually break up your relationship and then your out of a house cause who's going to pay on a loan for something he's not going to lose.
2007-02-08 15:52:06 · answer #2 · answered by T 4 · 4⤊ 0⤋
Only if....
You don't mind losing your home
You want to appear on Judge Judy
You want to appear on Jerry Springer
Don't you watch these programmes and see what happens.
You boyfriend hasn't paid his taxes, is in financial trouble and has no reason not to pay the loan back either - after all it is not his house he will be losing if he doesn't!!
The potential lender doesn't trust your boyfriend to pay back the money either - that is why they are asking for collatoral!
NO NO NO NO
Tell your boyfriend to make arrangements to pay his tax, get his finances sorted out and don't ask you to put your own home at risk!
2007-02-08 15:49:47 · answer #3 · answered by Biz Guru 5 · 3⤊ 0⤋
Absolutely NOT!
If he's really your friend he wouldn't even ask such a thing. Lot of guys are very charming and make a girl feel very special just so they can suck all the money (and easy sex) out of them and then move on.
Just say No and stick to it, and see how long he hangs around. He'll have a different friend in no time, and you'll still have your house.
2007-02-08 15:52:25 · answer #4 · answered by nachtmann2 5 · 3⤊ 0⤋
no no no no no no no.
Absolutely not!!!!
This is a very bad idea!
If you guys break up, then since the loan is on your house in your name, then YOU have to pay the loan back. Do you really want to do that? Even if you don't break up, what if he refuses to make the payments on the loan??
2007-02-08 15:48:53 · answer #5 · answered by nokhada5 4 · 3⤊ 0⤋
NO. Because when he fails to pay the taxes the IRS will take your home. Or when he defaults on the load, the bank will take your house unless YOU fork over the $$. You assume all the risk in this, not him.
2007-02-08 15:49:04 · answer #6 · answered by Anonymous · 3⤊ 0⤋
That probably depends on how much you like having your home, and how willing you are to pay off the loan if he doesn't. ;-{
RUN!!!!!!!! Don't even consider it if you have any sense at all.
2007-02-08 22:23:44 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Never, no, listen to the people on this board, not your heart. If really thouht it was a good idea you would not even be asking, you already know what the answer should be.
2007-02-08 15:56:53 · answer #8 · answered by Plum9195 1 · 2⤊ 0⤋
no! if he does that and something happens to cause him from not paying on the loan, you will lose your house, no questions asked.
2007-02-08 15:52:21 · answer #9 · answered by Anonymous · 3⤊ 0⤋
Absolutely NOT!!!!!!!!!!!!!!! Are you nuts?
No matter how much you care for your bf, something could happen and you might loose your home. He shouldn't be asking you to do this.
Don't make financial decisions with your heart. USE YOUR HEAD!
2007-02-08 17:35:53 · answer #10 · answered by Dizney 5 · 0⤊ 0⤋