My four cousins are really lucky. Their grandmother, who was also my grandmother, left them the family home so four of them became legal owners of the house upon her passing. They also became owners of a retail lot in a major shopping complex. My cousins should be really comfortable, as you can see. They don't have to install a home loan because it's fully paid up and they even get to reap rental from the retail lot.
When one of my cousins passed away due to an illness, the properties were shared among the three remaining cousins but somehow, two of them opted to leave their names out of all legal documents. We felt that it was a very risky move since only one person is the legal owner and he is not a mature person. We had to keep our thoughts to ourselves since we had no right to meddle in their family affair.
True enough, he took out mortgage loans on the family house and retail lot saying that he needed the money to roll. He said he plans to travel to the city to look for a job but as far as we could see, he has never had the intention to work. He never could hold on to a job for longer than three months thus far!
His parents, who are my uncle and aunt, were very worried with the heavy monthly financial burden that he has incurred. They are elderly and do not earn much, though they still hold part time jobs. If this cousin is serious in life then his parents wouldn’t need to worry but now, I fear that the repayment of the mortgage loans would fall onto the shoulders of this elderly couple.
You know, I really would like to help them out but I too am financially committed up to my neck. The best that I could do right now is just to give them some allowance as and when I could afford to.
When one of my cousins passed away due to an illness, the properties were shared among the three remaining cousins but somehow, two of them opted to leave their names out of all legal documents. We felt that it was a very risky move since only one person is the legal owner and he is not a mature person. We had to keep our thoughts to ourselves since we had no right to meddle in their family affair.
True enough, he took out mortgage loans on the family house and retail lot saying that he needed the money to roll. He said he plans to travel to the city to look for a job but as far as we could see, he has never had the intention to work. He never could hold on to a job for longer than three months thus far!
His parents, who are my uncle and aunt, were very worried with the heavy monthly financial burden that he has incurred. They are elderly and do not earn much, though they still hold part time jobs. If this cousin is serious in life then his parents wouldn’t need to worry but now, I fear that the repayment of the mortgage loans would fall onto the shoulders of this elderly couple.
You know, I really would like to help them out but I too am financially committed up to my neck. The best that I could do right now is just to give them some allowance as and when I could afford to.
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