My in laws want us to basically get a loan for them. HELP!!!
I've thought and prayed about this and I am okay with helping them out. However, they refuse to acknowledge that this a huge favor on our parts. They act like it's no big deal that we have gotten screwed out of tax exemptions, equity and will now be paying interest on a loan for them.
I don't want to resent my husband or his family for this but I'm starting to wonder if this is the right choice.
If we don't buy the house there is no way his parents can afford the payments onto of their mounting bills.
I want to be at peace with this because they are family and I do love them but I can't help but feel used.
Any thoughts???
Do what is best for your family. Don't get into any contracts or loans, etc just to please them or out of guilt. You will be better off in the long run if you do the smart thing.
Don't do it. It is not worth it. My parents moved into a house my husband I owned. They were supposed to buy the house within 18 months back in 2003. My parents stopped making the entire payment (they would give us partial payment) and in the end my husband and I filed Chapter 13 bankruptcy. After 5 years of paying ALL of our debts and 2 years of sitting in limbo after getting out of Chapter 13, we still can't get a car loan or a home loan for a house we have been renting for 3 years. We paid the property insurance and the yearly taxes on the house. Our credit was ruined and we have lost A LOT of money. Looking back, my husband and I should have told my parents we were selling the house since they couldn't make the entire payment and did not buy the house. My parents owe us around $15,00-$20,000. We will probably never see it. This eats at me every day and makes me sick to think about it. It is very hard on a daily basis knowing what we sacrificed and did not get anywhere. Not to mention the damage to our credit. It is a very difficult situation to deal with. I would have rather dealt with my parents being mad at me than deal with the financial burden we have been dealing with for so many years. I will NEVER again deal with family when it comes to money or houses. In the end, you have to look at you, your husband and your kids and do what is BEST for you guys. Your in-laws should NOT put you and your husband in that position and they should not expect you guys to take out extra money for the loan. That is so wrong in more than one way. We sold the house my parents lived in last August through a short sale. Now we have to claim the $13,000 we owed after selling the house for less than we owed as income. So, we owe the IRS about $3000 this year due to the 13 thousand loss from the house. It is a big mess. I wish I could go back and change things. My husband and I have lost money left and right over this house. Honestly, if your in-laws are in debt to the tune of 1 million, the 20,000 extra they owe the bank is a drop in the bucket. You and your husband do not need to get entangled in your in-laws financial mess. My parents are my parents and I love them, but I resent the fact they did not hold up their end of the financial deal and totally screwed up my husband's life,my life and my 2 son's lives.
If you like the house,and it's close to worth the price,then do it,then will his parents be not involved any more? If they're still involved I'd forget it. Any house you buy you'll have to pay property taxes on.
Dont do it...you will regret it. The fact that they refinanced without your knowledge tells me they are only out for themselves and really dont care about what goes on with you and your husband. You need to speak up to your husband and let him know your feelings. They offered to buy you a house, you did not ask them to do it, you have paid the mortgage and done your part. They are taking advantage.
On another note, if you can sell the house and get another without having them involved at all I would do that.
O.K. inititally they were paying the property taxes on your home. You owe them that money. And if someone else was deducting the intrest on the mortgage you were paying, then they were committing tax fraud.
IF they took out a second mortgage on the house, you won't get clear title unless you pay that off along with the initial balance.
Do you have enough money for a down payment on another house? Because that is your option, To buy elsewhere, and have your inlaws sell the house you live in.
darlin I think that what u said in that las bit of the conversation .........you just answered your own ?????? I wouldn't do it because it's not worth driving ur marriage into the ground because of 2 other people, I understand you wanting to Help.............but their come's a time in people live's where they need to help thereselves an stop expecting someone else to help em out!!!!!!!!!! You'll know when you've had enough..........but really .......let your in-laws an their problem be their problems not you an your new husbands problems
What is your best......
- Rvm_fletch
on Apr. 19, 2012 at 11:43 AM