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You gave your dad a month of pay from your roommate and yourself so your dad can start a business. Ordinarily, that would have been a noble decision provided your roommate was okay with it. But because a mortgage is still being owed on your house, what you have done was pile a folly on top of a debt your roommate and you already owe. That's a recipe for disaster. That money should have went toward paying down your mortgage payments. And there's no guarantee your father's business will succeed. Did you know most businesses that fail go belly up within the first year they are started? If your father's business doesn't make it, do you think you'll get that money paid back? It doesn't take a rocket scientist to answer that question. If your father's business fails, you might as well have taken that money out into the backyard, poured gasoline on it, and tossed a lit match on it. In the meantime, the mortgage lenders want to be paid when a payment is due. And they can care less about all the excuses why you don't have the money. All they know is they want their money when it's due, or else they begin the foreclosure process. Don't get me wrong, there's no harm in loaning that much money to a relative. But not while you're in debt paying on a house mortgage. |
