Debt uncovered

[Bethy]

What is the name of your state? PA

Recently got married (4 mths) and having all sorts of issues all at once so I apologize if it looks like I'm a mess....I am.

Hubby hasn't sold his townhouse, and it will need quite a bit of work (he's handy) even though he hasn't been working on it much in the past 3 months, he needs $$ to buy the material. Hubby lost job last month, so has no paystubs to get equity loan (house more than 1/2 paid off). I went to go for a loan thru my work, and found out not only is his house in the middle of foreclosure, but his vehicle is 2 payments behind, there's a tax lien on his house, and a $4k+ judgement from a furniture purchase 2 years ago. He wants a 20k loan (to finish up house improvements and get house out of foreclosure), and wanted me to take it out on my own now since his credit score is below 500 (mine is 731). I am "just" a secretary (sorry if that sounds like an insult to any of you) and own my own townhouse and car, but am scared to open up a loan that I don't know if/when hubby will be able to start making payments on.

Please tell me your gut feelings here....I'd have to use MY house to get an equity loan on my own, as I'd need his info and they won't give him a loan in the current situation. Can I afford to "lose" that much, no, but it makes me feel like I have no trust in him too (I have a kid in college and a kid in rehab....I'm not rich, but have no debt)

 

[Happy Trails]

What is the name of your state? PA

Recently got married (4 mths) and having all sorts of issues all at once so I apologize if it looks like I'm a mess....I am.

Hubby hasn't sold his townhouse, and it will need quite a bit of work (he's handy) even though he hasn't been working on it much in the past 3 months, he needs $$ to buy the material. Hubby lost job last month, so has no paystubs to get equity loan (house more than 1/2 paid off). I went to go for a loan thru my work, and found out not only is his house in the middle of foreclosure, but his vehicle is 2 payments behind, there's a tax lien on his house, and a $4k+ judgement from a furniture purchase 2 years ago. He wants a 20k loan (to finish up house improvements and get house out of foreclosure), and wanted me to take it out on my own now since his credit score is below 500 (mine is 731). I am "just" a secretary (sorry if that sounds like an insult to any of you) and own my own townhouse and car, but am scared to open up a loan that I don't know if/when hubby will be able to start making payments on.

Please tell me your gut feelings here....I'd have to use MY house to get an equity loan on my own, as I'd need his info and they won't give him a loan in the current situation. Can I afford to "lose" that much, no, but it makes me feel like I have no trust in him too (I have a kid in college and a kid in rehab....I'm not rich, but have no debt)

Bethy, reading your other threads, it is my opinion, you have enough on your plate!

You've known hubby for one year and have only been married 4 months. Hubby is now unemployed and is behind in car payments, and was not paying taxes on the townhouse. (What else hasn't he told you?)

It sounds as if he has dug himself in a hole and now needs you to bail him out. If you can afford to get a loan and help him - be prepared that you may never see that money and will be held liable to pay it back.

I think your gut instinct has already told you the answer.