My parents are so financially stupid it hurts bro. 5 years ago...

My parents are so financially stupid it hurts bro. 5 years ago.I literally paid off their debt and have been giving them $10k/year to help out. I taught them how to build their credit score and told them to only rent and lease to never buy anything they cant pay in cash. Well I just found out they bought a $730k house and put 8% down. fucking 8% they make like 80k combined with my $10k its 90 but ill probably stop giving them any help now im done bros i might kill them or myself

yeah my parents bought an overpriced house at the height of the housing bubble
paid 1.2 million, now worth 400k - 600k

what the fuck maybe try and get them out of it by saying the contract is void because theyre mentally retarded

What reason did they give for buying?

Where they living in a rats nest earlier?

are they spics or nogs?

How do old people pull off financing?


I have 200k but I can't buy a house in Southern California even though my small business does 200k a year in sales.


It seems easier to unironically save up and pay cash for a house than to get a loan. I even have credit over 720. It's just my take home looks low on paper.

won't any credit responsibilities fall on you if they are insolvent?

Is there a legal recourse in that case? Stating that they didn't consult you and exposed you to substantial risk without your consent.

Also, who gave them the loan? Someone gave it to them while knowing they are financially retarded. Reeks of predatory financial practices. Perhaps one can sue.

>\thread\
I know that feel I I've always wanted to share experiences about it. Fortunately I'm resolving that issue, it's hard AF though.

been apparently 3 months since they moved in

found out from my sister. i gave them 10k free a year if they cant find a nice place to rent for that much plus their income idk

dads persian moms italian

i think last year after following my advice they got their cred score to mid 700s so idk

Are you retarded? Op didn't fucking cosign. In what world would he be responsible for getting foreclosed on?

Is this how they do it in Africa, your family holds debt not the individuals? What the fuck are you even saying

Never mind, I meant India. Forgot I was on Veeky Forums

>$730k house and put 8% down

what kind of a bank gives you a loan with those criterias? not possible in europe

Feel you OP. Started working as a kid because my parents are shit with their money. Its like they are adult children and I had to grow up fast

If they both die , do you inherit the debt ?

That's not how it works pajeet

You had some sort of aneurysm? Rephrase yourself in non-spastic.

>"My parents are bad with money so what I do is give them $10,000 per year of my own money"
Wow OP, slow clap

>Whiter than you ahmed
If the bank own % of the house , don't you have to pay the bank to claim the house ?

How does it work?

In what fucking world do you live in where you are liable for someone else signing a mortgage? Seriously are you fucking people from India? Unless you want to keep it but that would be your choice, why the fuck would it work like that?

I'm fucking 21, never had a loan give me a break

You're assuming OP would want the house, if they lost I guarantee OP would want nothing to do with that kind of debt

He's not just going to get the debt thrown on him because his parents fucked up

>Being this fucking retarded
it's ok buddy, you will make millions once bitcoin moons so you don't have to worry about the thinky brain part of living

holy fuck

Cheers mate
Joke on you nigger , i'm a non coiner , i do cpa , it not worth it to 'invest' for a 5%-10% ROI

Why do you care?

they're boomers.

I tried this with 780 credit score and was still denied because my 5 year history wasn't enough.

>5%-10% ROI
LOL
O
L

I've already quadrupled my 5k investment from last year, and that's considered bad in the crypto community.

So you made 20k a year ?you do realize that considered being poor ?

>Well I just found out they bought a $730k house and put 8% down. fucking 8% they make like 80k combined with my $10k its 90 but ill probably stop giving them any help now im done bros i might kill them or myself
That's so fucking stupid. They will end up paying about $1,494,400 over 30 years if you account for interest and property taxes.

They will be living on $30k income BEFORE TAXES. In reality they will have to survive on about $5k.
They need to sell their house now. Not joking.

That wasn't my sole source of income, and I'm a fucking student. For my age, my income/assets put me in the top 3%.

I'm sure he has a job pajeet.

So in total he prob made 50-100k unless he's an outlier

I thought we were in another bubble now?

Do we still have further to go?
Hard to believe it's only half its original value after eight years