- Joined
- Apr 3, 2004
- Messages
- 33,852
strmrdrDate: 4/2/2005 9:10:42 PM
Author: strmrdr
If they needed money and I had it id give them the money.
Friends dont give friends loans.
JennDate: 4/2/2005 11:33:20 PM
Author: Jennifer5973
I wanted to reply ''NO!'' but then I remembered something...
Years ago, we scraped--literally--enough money to buy our condo...The morning of the closing, our attorney (who was doing it for free because we were so broke) called us with the final amount we had to bring to closing and it was $500 more than we had been told all along (not uncommon but we were so stretched)...There was no one to call but my best friend, who left work, took $500 out of the bank and loaned it to us.
It took 6 months but I paid her back and took her out for a nice dinner to thank her. If it wasn''t for her, I don''t know what we would have done. Our credit card was maxxed and we had pennies to spare to pull it off. We had already borrowed most of the meager 5% down payment from my in-laws and my mom had no money--she was in the middle of being taken to the cleaners by my father in their hateful divorce.
Becasue the condo doubled in value in just 3 years, we were able to get out house. Then, my husband''s career took off. Today, I drop $500 on a new purse or a pinky ring, or one quick run though Bloomingdales, but I''ll never forget what she did for me. And, I want to work harder at staying grounded because but for the grace of God....
I guess it''s up to the people involved.
Date: 4/3/2005 3:24:27 AM
Author: Dancing Fire
JennDate: 4/2/2005 11:33:20 PM
Author: Jennifer5973
I wanted to reply ''NO!'' but then I remembered something...
Years ago, we scraped--literally--enough money to buy our condo...The morning of the closing, our attorney (who was doing it for free because we were so broke) called us with the final amount we had to bring to closing and it was $500 more than we had been told all along (not uncommon but we were so stretched)...There was no one to call but my best friend, who left work, took $500 out of the bank and loaned it to us.
It took 6 months but I paid her back and took her out for a nice dinner to thank her. If it wasn''t for her, I don''t know what we would have done. Our credit card was maxxed and we had pennies to spare to pull it off. We had already borrowed most of the meager 5% down payment from my in-laws and my mom had no money--she was in the middle of being taken to the cleaners by my father in their hateful divorce.
Becasue the condo doubled in value in just 3 years, we were able to get out house. Then, my husband''s career took off. Today, I drop $500 on a new purse or a pinky ring, or one quick run though Bloomingdales, but I''ll never forget what she did for me. And, I want to work harder at staying grounded because but for the grace of God....
I guess it''s up to the people involved.
yep....same situation with my friend,he needs to borrow 15k to have enough money for a down payment on a house and if i loan him the money i expect him to pay me back,15k is no chump change.i could buy a nice 1.75ct with that kind of money.
One year and look at all the toruble he''s caused.Date: 4/3/2005 59:16 PM
Author: cflutist
DF, congrats on your 1 year PS anniversary.
Date: 4/3/2005 1:52:19 PM
Author: Mara
DF, I agree with strm that if he cannot come up with the additional dp then maybe he can''t afford the house. There are 0% dp options and also 5% out there if money is that tight, assuming credit is good. Not to mention that it''s not just a mortgage one takes on when they buy...they also have property taxes, which depending on where you live can be brutal. Also HOA fees if it''s a condo or townhouse, which are a pretty penny nowadays as well. Not to mention utilities and other expenses that sometimes people do not think about.
i know,i went through that 18 yrs ago.i don''t believe in the 0% or the 5% dp options because he''ll be homeless when housing market bubble burst.
I definitely believe in getting into the housing market as soon as you can...but I personally feel strongly about doing that on one''s own. We could have asked our parents for more $$ for our down, but we had made the decision to do it on our own and if that was not possible, then we were just not ready. So we would have waited until we were. For me something like this is not a necessity for lending $$, not like needing to make rent or be evicted or a medical emergency or something similar.
giving money to my children is different from giving it to a friend because,the childrens will get my money soon later,hopefully later