Wife's friend got married in August, 2013. Pregnant in September 2013. Walks outside in December 2013, sees husband's truck is gone. It was repoed. Her husband is like oh, yeah, sorry. Also, house is going to be foreclosed on because I haven't made payment in 3 months. She's a teacher, he's a fireman. House was worth around $120,000. Foreclosure was final in December 2014. House was in husband's name only.
So they moved out, and are now currently renting some place in the country for $800 a month from a family friend. They signed a 6 month lease with the woman. Woman really wants to sell the house- says $220,000 is lowest they can go.
Wife's friend really really wants to buy the house. She also doesn't want to be a teacher anymore (even though she has only been teaching for 2 years, and spent the last 4 years earning a Masters from the University of Phoenix online.) She also wants to have another child, which will be the reason for not working.
Wife's friend somehow got approved for a loan for $160,000 at a local credit union. Her husband is supposedly taking some class that will make him a paramedic/firefighter, which means he'll earn what she's earning, and allow her to quit working.
Woman who owns the house is going to hold off on selling it until June to allow her husband to get the job that will increase his salary. Wife's friend is going to get her dad, who's on SSID, to cosign on loan to give them enough income to qualify for loan, since husband can't be on the loan due to the recent foreclosure.
Wife's friend has student loans (presumably on IBR), car payment(s)(not sure after the repo), and credit cards. Husband has kid from prior marriage, paying child support for that kid.
Anyone see this outcome going well?