Quote:
Originally Posted by Wormius
Not to act too skeptical, but how does a student afford a 504,000 mortgage? Wouldn't the payments be nearly $3000/month alone?
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Well, presumably their parents co-signed the mortgage, like any co-sign agreement if the principal signer cant make the commitment the co-signer has agreed to guarantee the payments.
So if the kid cant make the payments which was presumably the plan all along, the parents make the payments on the house that is in the kid's name.