What would you do in this situation? Very stressed over this

Josie_lifting_cats

As a real estate agent I can tell you honestly DON'T DO IT.

I do foreclosures, and I see this all the time. And it doesn't end well. I don't know where you are located, but it's quite possible that property values aren't done increasing. Rental properties are a risky venture on their own anyway, much less when you get tangled into it with more people.

This is an insanely tough situation for you to be in, but unless you know way more than it sounds like you do (their credit score, the reasons WHY their score is what it is FOR SURE (not just their word), their income, etc.), I don't think it's a good idea.

Sherbog

The best way to loose a friend is to get involved loaning them money. If you can't afford to give it to them then don't take out a loan.

spicy618

Thank you all for taking time to give me your honest opinions.

As soon as I left work I called her and explained the stress this is causing me. I told her that I wish with all my heart that I was in the position to fix this for them, but i'm not. That doing this will put me in a very distressing situation, which I can't put my family in (my son and I).

I reminded her that when I was in a better position I didn't hesitate to help, but at this time in my life, I couldn't even make up a missed payment. She knows I don't handle unpaid bills well, I will lose sleep over late or unpaid bills.

She said she understood and didn't want to cause me stress. Thanked me for being honest and the conversation ended.

I went to the gym and feel as though a ton has been lifted from me.

All your answers were very appreciated and helped me go with the decision I knew was best for me, but very difficult to express to my dear friend. I pray they are able to get some assistance to keep the property.


You all were very kind, thank you:flowerforyou:

sassylilmama

Glad it all worked out!

IpuffyheartHeelsinthegym

Thank you all for taking time to give me your honest opinions.

As soon as I left work I called her and explained the stress this is causing me. I told her that I wish with all my heart that I was in the position to fix this for them, but i'm not. That doing this will put me in a very distressing situation, which I can't put my family in (my son and I).

I reminded her that when I was in a better position I didn't hesitate to help, but at this time in my life, I couldn't even make up a missed payment. She knows I don't handle unpaid bills well, I will lose sleep over late or unpaid bills.

She said she understood and didn't want to cause me stress. Thanked me for being honest and the conversation ended.

I went to the gym and feel as though a ton has been lifted from me.

All your answers were very appreciated and helped me go with the decision I knew was best for me, but very difficult to express to my dear friend. I pray they are able to get some assistance to keep the property.


You all were very kind, thank you:flowerforyou:

I'm glad she understood!

JanieJack

This person sounds like a lot more than a good friend. They almost sound like family. I can understand the stress of the situation. Nobody here knows the level of trust between the two of you but if you let a child stay with them like you said the trust must be high. Depending on the trust you have in them, loaning an "almost like family" friend might be safe. That being said, I would never borrow money to lend to anyone except my son and then I'd have to think about it a while. I hope things work out for you...and your friend.

Except this person has bad credit and is unable to secure a loan themselves. This money will go down the drain for the OP. Don't do it.

The OP already posted her update, but for anyone else reading here is one more tidbid from me: One of the people who conned my ex into buying her a 200K property was like a second mother to both of us. Even if they are like family, if i can't afford to give it away the I will not loan.

jupeto

AS a pastor , I have tried to work out situations that came from this type of situation. Here is a Biblical Point of View:

No - Your friend is putting you up against the wall and allowing you to take all the risks. This is not a friend if they cannot take a pleasant NO. When dealing with Friends, keep it out of the financial and personal realms. Only give expecting nothing in return and when they do pay it back - Praise God for a true friend.

Personally, I have been asked for this type of loan and I replied that I could not afford to at this time. Not that I didn't want to but it was not a good thing for our friendship or for me financiually.

Praying for you and I hope you can make the "RIGHT" decison for you. It boils down to "Your Choice." Good Luck.

TheRoadDog

Don't do it. You'll regret it. If your friendship ends because you won't do it, then it wasn't as solid as you thought. I guarantee your friendship will end if you take out this loan.