Should I help my ex buy/rent a house?

Question

We've been divorced for almost three years. We have three school aged kids, I stayed in the family home. He can't afford to live in our neighborhood and would need my financial help to do so. I think the kids would benefit if he lived closer and real estate is a good investment right now. We could purchase as tenants in common . . but if he didn't pay the mortgage, what then?

I wonder if your answer would be different if the genders were reversed? An ex-wife needs financial help to move closer to her kids?

Answer 1

If you co-sign with your husband for the mortgage, it makes no difference how you take title. If your ex-spouse defaults, the first phone call the lender will be to YOU, asking for the payments he is NOT making.

That is what happens when you co-sign (guarantee) a mortgage for someone who cannot get one on his own.

Answer 2

Absolutely NOT. If he don't--- your gona make the payment..
Does he have 25% to put down---NO.. His living arrangement is not your business. I hope he has a nice comfortable box to sleep in... This is the worse time to buy a home the market selling price is at the peak. TOP DOLLAR for everything...
Absolutely do NOT envolve the kids---
If you were not divorced he would be their living in the home you have. I know you like him but you cannot let him ruin your life and credit rating---Poor EX things are tough I think I'll et some worms..

Answer 3

If you want to chip in something towards the rent so he can be closer to the kids, fair enough. Just don't sign the lease as guarantor or the landlord can go after you if he doesn't pay.

Do NOT go into any sort of purchase arrangement with him, however. If he defaults for any reason you'll be left holding the bag.

Answer 4

Dont do it, let him rent. Ive seen many disasters happen because of people signing for others while doing mortgages and selling cars. DON'T DO IT!!!

Answer 5

be careful!!!!!!!!!!!!!!!!