Hate New Loan DH Negotiated

[Anonymous]

DH negotiated a new line of credit that I have to co-sign. It contains, among other things, a provision that says they can call a default and accelerate the loan if either of us change jobs. They say they care only if he changes jobs, but it is written to cover both of us, and I actually earn more.

The bank says it is their standard form and they won't change it. I guess I will have to find out something else to refi our way out of this one. He always does this - asks me to look at something, and then when I point out all the problems with it, he ends up blowing off my concerns and makes me sign anyway. Ugh.

[Anonymous]

Why do you have to co-sign?

[Anonymous]

"Makes" you co sign? What are you, property? Grow a pair and shop around for terms that you both can agree with.

[Anonymous]

I'd report him for gun violence. Since apparently he's holding one to your head.

[Anonymous]

I assume because they want to count my income for underwriting purposes.

[Anonymous]

Anonymous wrote:I assume because they want to count my income for underwriting purposes.

So say no? You don't have to do it just because he wants to.

[Anonymous]

Don't SIGN it then! That sounds like a BAD LOAN. Who is the bank?

[Anonymous]

If I don't sign it he'll default on a large tax payment Monday. We've already used all of my bonus I saved up on April taxes. He just sprang this on me. I had no idea the terms would be like this.

[Anonymous]

He's self employed and I am not.

[Anonymous]

Can he get an extension on the tax payment? You should NOT sign that re-fi! What does your accountant say?

[Anonymous]

Anonymous wrote:If I don't sign it he'll default on a large tax payment Monday. We've already used all of my bonus I saved up on April taxes. He just sprang this on me. I had no idea the terms would be like this.

Sounds like you have more than one person holding you hostage. You really need more say in money matters considering you bring more of it into your home

[Anonymous]

Good point, PP. We're seeing him on the morning, soi'll stall until then.

[Anonymous]

What is the loan for

[Anonymous]

Anonymous wrote:He's self employed and I am not.

So this is the rub. Banks terms seem reasonable.

[Anonymous]

But they say they are making the loan to him because of his business and it wouldn't be available to me, yet I have to co-sign and can't change jobs? That doesn't make sense. They said I would not be eligible for the loan based on my earnings; it's a "status" thing.