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Started By
Message
Advice on In-Laws and a Mortgage
Posted on 4/28/11 at 2:42 pm
Posted on 4/28/11 at 2:42 pm
I got married on April 16. I owned a house already so my wife moved in with me.
She was living in a house that her parents purchased but my wife co-signed. They made this purchase in 2008 while my wife was going into her Junior year of college at LSU. From what I can see, the reason they had her co-sign was twofold:
1) Build her credit
2) Better interest rate
My wife's younger sister by 1 year also moved into this house. They got two more roommates (4 bedroom house) and the four of them have split the mortgage over the last few years. As of January of this year all had moved out but my wife and so she has been paying the whole mortgage since then.
The parents put down 3.5% on a thirty year mortgage. Now the house is worth ~200k and they owe ~185k. If we get it sold we will basically break even with fees. The house is going on the market today.
My problem/question is that while the house is on the market, my wife's parents are making us pay for half of the mortgage. Is this fair?
To me it seems like THEY were the ones that made this purchase in 2008. THEY were the ones that decided on a 30 year mortgage (thus no equity now). THEY were calling that shots. My wife had no idea what she was getting into then. She was only 21. We had just started dating as well so it wasn't my place to say anything then.
Also, I'm scared that they're asking price is too much and we will be making this payment for several months. I don't want to even think about having to take a loss on the sale and them coming to us for half of the loses (I asked them if this would be the case and they said we'd talk when/if it happens).
My question for the money board:
Am I being unreasonable to think that this should be 100% their responsibility and not have this burdon on the newly married couple?
She was living in a house that her parents purchased but my wife co-signed. They made this purchase in 2008 while my wife was going into her Junior year of college at LSU. From what I can see, the reason they had her co-sign was twofold:
1) Build her credit
2) Better interest rate
My wife's younger sister by 1 year also moved into this house. They got two more roommates (4 bedroom house) and the four of them have split the mortgage over the last few years. As of January of this year all had moved out but my wife and so she has been paying the whole mortgage since then.
The parents put down 3.5% on a thirty year mortgage. Now the house is worth ~200k and they owe ~185k. If we get it sold we will basically break even with fees. The house is going on the market today.
My problem/question is that while the house is on the market, my wife's parents are making us pay for half of the mortgage. Is this fair?
To me it seems like THEY were the ones that made this purchase in 2008. THEY were the ones that decided on a 30 year mortgage (thus no equity now). THEY were calling that shots. My wife had no idea what she was getting into then. She was only 21. We had just started dating as well so it wasn't my place to say anything then.
Also, I'm scared that they're asking price is too much and we will be making this payment for several months. I don't want to even think about having to take a loss on the sale and them coming to us for half of the loses (I asked them if this would be the case and they said we'd talk when/if it happens).
My question for the money board:
Am I being unreasonable to think that this should be 100% their responsibility and not have this burdon on the newly married couple?
13
Posted on 4/28/11 at 2:56 pm to Sweetness
If your wife co-signed for the house, she is legally on the hook for the mortgage.
I think her best bet is to tell the parents that if she's paying half the note, she get's an equal say in the selling process (ie price negotiations).
If they want her to foot half the bill but they have all of the authority then you have yourself a problem.
I think her best bet is to tell the parents that if she's paying half the note, she get's an equal say in the selling process (ie price negotiations).
If they want her to foot half the bill but they have all of the authority then you have yourself a problem.
Posted on 4/28/11 at 2:59 pm to Sweetness
Who is claiming the mortgage interest tax deduction?
Posted on 4/28/11 at 3:11 pm to Sweetness
quote:
I got married on April 16.
you really want to start shite with your inlaws already?
we're talking about around $450/month for a few months. It's not worth fighting about IMO.
Posted on 4/28/11 at 3:29 pm to Sweetness
Reread. Nm
This post was edited on 4/28/11 at 3:31 pm
Posted on 4/28/11 at 3:37 pm to Sweetness
Why did they buy the house?
Did they ever live in the house?
Did they ever live in the house?
Posted on 4/28/11 at 7:05 pm to Sweetness
quote:
If we get it sold we will basically break even with fees.
what if you don't? Do y'all get 1/2 the profits/ owe 1/2 the debt?
Posted on 4/28/11 at 7:44 pm to Sweetness
Haven't read the thread but the answer is no.
Posted on 4/29/11 at 7:59 am to Sweetness
Pay half sell the house move on.
Posted on 4/29/11 at 1:14 pm to Sweetness
I would pay the half.
So I could spend the rest of the time explaining to my wife just why she should erase from her brain any financial advice she received from Pops.
So I could spend the rest of the time explaining to my wife just why she should erase from her brain any financial advice she received from Pops.
Posted on 5/2/11 at 4:20 pm to Sweetness
I think your list you posted earlier was good, I would soften it up a bit and just shoot them an inquisitive email... You know start out by saying now that you and wifes finances are together you need to be caught up on a few things, and would like to understand the situation, ect...
One other question (not for the email), but had her parents and daughter not gone this route would they have helped out paying rent at say an apartment? Or was this they're only way they were willing to help?
One other question (not for the email), but had her parents and daughter not gone this route would they have helped out paying rent at say an apartment? Or was this they're only way they were willing to help?
Posted on 5/2/11 at 11:33 pm to Sweetness
Cosigning within a family just never seems to work out well.
Posted on 5/3/11 at 8:52 am to Sweetness
Agree to pay, but tell them you need the paperwork documenting the interest paid on the house for the past several years. Tell them you need it to modify your taxes for this past year. If they don't produce it, don't pay. Let them know that they have to modify their taxes as well, if they took the deduction.
Posted on 6/20/11 at 6:34 pm to Sweetness
quote:
Am I being unreasonable to think that this should be 100% their responsibility and not have this burdon on the newly married couple?
Unreasonable Yes
Totally you and your wifes problem NO
JMO
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