My husband and I had been married a short time when our building sold and we were in the market for a house. Neither of us had stellar credit so his parents bought us a house and we were told it would be set up on a land contract. At the time, his parents were fairly wealthy and owned a flourishing business. They never set us up on land contract, a detail I was hesitant to bring up as a new member of the family. Fast forward and the economic crash happened. My FIL lost the business and they are now heavily in debt to the tune of 1 million. Since day one, we have paid for the mortgage. Recently, on top of the mortgage payment we have been paying the property taxes which was sprung on us and brings our monthly payments to 1.5 times what they were. We are in the process of officially buying the house from my in-laws. They, at first, said we could buy it for the remainder of the mortgage loan. Once we started working with lenders we find out that they had refinanced without our knowledge and acquired a debt with the bank that has the house's mortgage loan. THE DILEMMA: they want us to tack on about 20k to our loan to buy the house so they can pay off part of their debt to the bank.
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.
on Apr. 19, 2012 at 11:43 AM