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1
Posted on 5/2/11 at 12:11 pm to tigerfoot
Any updates?
Also, what does your wife think should happen?
Also, what does your wife think should happen?
Posted on 5/2/11 at 3:27 pm to aupsh
since it is for sale, where's this house located? or at least the name of the subdivision, some details on the house
Posted on 5/2/11 at 4:02 pm to yellowtiger
Guarantee you wife is going to let the OP be the heavy here.
What's worrisome is if she comes down on their side. Even if she's getting screwed. By her parents, not by hubby. That's an OT topic.
Reality: Little sis paid Mommy & Daddy part of the rent. OP Wife paid part of the rent. She's STILL paying part of the note now. She should have a say so, & she should ask how much the deduction was, because if she's paying half the bills, she should have half of the benefits.
They're changing the rules on the back end of the game because their own financial decisions didn't work out the way they'd envisioned it.
They're sorry parents who are using their daughter to help offset a loss on an investment. Pure & simple.
Sad sacks, IMO.
What's worrisome is if she comes down on their side. Even if she's getting screwed. By her parents, not by hubby. That's an OT topic.
Reality: Little sis paid Mommy & Daddy part of the rent. OP Wife paid part of the rent. She's STILL paying part of the note now. She should have a say so, & she should ask how much the deduction was, because if she's paying half the bills, she should have half of the benefits.
They're changing the rules on the back end of the game because their own financial decisions didn't work out the way they'd envisioned it.
They're sorry parents who are using their daughter to help offset a loss on an investment. Pure & simple.
Sad sacks, IMO.
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 5/3/11 at 9:44 am to Ric Flair
This is BS, sorry to hear this situation.
They were trying to help out their little girl and know they want YOU to help bail them out.
I would say rent it, but I wouldn't want to go into business with these people.
Basically, you have 2 reasonable options. Take the loss, pay your wife's part and move on. Take the loss, pay your wife's part and forever be pissed at your inlaws.
I'm most likely going with number 2.
If they house was going for 300k, I bet they wouldn't split the profit with you....
They were trying to help out their little girl and know they want YOU to help bail them out.
I would say rent it, but I wouldn't want to go into business with these people.
Basically, you have 2 reasonable options. Take the loss, pay your wife's part and move on. Take the loss, pay your wife's part and forever be pissed at your inlaws.
I'm most likely going with number 2.
If they house was going for 300k, I bet they wouldn't split the profit with you....
Posted on 6/20/11 at 5:36 pm to aupsh
quote:
Any updates?
They were completely offended that I brought it up. Felt like I was "blaming them" and accusing them of making bad choices (didn't they?). I guess they don't like hearing it from someone half their age.
Still just laying low and hoping it sells (which it still hasn't).
Posted on 6/20/11 at 5:56 pm to Sweetness
quote:
They were completely offended that I brought it up. Felt like I was "blaming them" and accusing them of making bad choices (didn't they?).
This is the first time I've read this thread, and I feel for you.
From what you have posted, it's pretty clear that your in-laws made a poor financial decision and are using you and their daughter. However, as long as your wife is a co-signer, she's on the hook as well so I don't see how you have much choice other than continuing to attempt to change their minds (doesn't sound likely).
How does your wife feel about this situation? I can't even imagine my parents doing something like this to me, but I can guarantee you I'd be pissed as hell.
Are they still claiming the entire mortgage interest deduction? If they are, that's absolute fraud, and they should be reminded.
Have they given you and your bride any say-so in adjusting the selling price, etc?
This just sounds like a shitty situation for you all around. Sorry you have to go through this your first year of marriage.
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
Posted on 6/20/11 at 8:36 pm to MoreOrLes
Reading this makes me never want to get married, 
Posted on 6/20/11 at 8:59 pm to reb13
Dude,
After this house sales NEVER GET INTO ANY BUSINESS VENTURE WITH THE IN LAWS!
That part about we will talk about it later means you are about to get screwed!
After this house sales NEVER GET INTO ANY BUSINESS VENTURE WITH THE IN LAWS!
That part about we will talk about it later means you are about to get screwed!
Posted on 7/12/11 at 12:13 pm to Sweetness
Heard you on Dave Ramsey yesterday. Did you decide to take his advice and wait until Christmas before bringing it back up with the inlaws?
Posted on 7/12/11 at 12:34 pm to Waffle House
I'd let the in-laws know that you'll be contacting an attorney & if need be alerting the IRS to rectify the situation.
I'm not married, but I already forsee problems in this department if my girlfriend and I continue down the path we're on.
Luckily, I was born with the a-hole gene. That, & I've had the past 7 years or so of dealing with a degenerate redneck for a brother-in-law, so I've had plenty of experience going back and forth with those pinheads.
I'm not married, but I already forsee problems in this department if my girlfriend and I continue down the path we're on.
Luckily, I was born with the a-hole gene. That, & I've had the past 7 years or so of dealing with a degenerate redneck for a brother-in-law, so I've had plenty of experience going back and forth with those pinheads.
Posted on 7/12/11 at 12:46 pm to Sweetness
quote:
They were completely offended that I brought it up.
Man, old people are lame.
I like Turk's idea of drawing them out slyly on the question of splitting the upside.
good luck.
Posted on 7/12/11 at 10:02 pm to Tiger JJ
I know it's too late now, and sorry I've just seen this post, but I most definitely would have advised to let your wife be the one speaking on your and her behalf.
Posted on 7/12/11 at 10:24 pm to Tigers4Lyfe
How does your wife feel about the situation? No way in hell I would let them reap all the benefits while you're left holding the bag. Why do they feel they're entitled to the entire interest deduction?
And fritter away another $6K, no way in hell.
Have many people checked out the house?
quote:
wait until Christmas
And fritter away another $6K, no way in hell.
Have many people checked out the house?
This post was edited on 7/12/11 at 10:28 pm
Posted on 7/12/11 at 10:29 pm to TJG210
Have to agree with you TJG210, I could see where the parents would get the interest deduction in years' past when they were making the payments, but if the payments are now being split that deduction should be split as well. It's very black & white to me.
Posted on 7/12/11 at 10:41 pm to Sweetness
A realtor takes 6%. I would try to sell it without a realtor at this point.
This should be completely on the parents.
If they were going to make your wife pay half after she graduated college, then the parents should have specified that in the beginning. I would ask the parents to clarify what they told your wife in the beginning.
If they want your wife to pay 50%, then all decisions must be agreed upon by each party that has a 50% interest in the property. I would expect the parents to understand that "equal partners" have equal say. If they insist on making property decisions without your approval, then I'd pay them 0%. I would tell them from a business point of view, I am unable to pay 50% when my "controlling" stake is 0%.
Since they put up a 3.5% down payment, they paid more, but your wife paid part of the mortgage while she lived there. I would add all of the "rent" to determine if it is equal to or more than the 3.5%. As long as your wife paid part of the mortgage while the parents did not, then she gets credit for that amount.
If a profit is made, will they be splitting the profit? If not, then I would pay 25%. If they have a problem with that, I'd tell them to collect the other 25% from their other daughter.
Since both daughters supposedly benefitted from the arrangement the parents made, I personally would tell them that it was their decision to make, and their eldest daughter should not be penalized for the decisions of her parents. If they want any of their children to continue paying for this place, then I would expect it to be divided evenly by the ones that benefitted from the arrangement.
I assume the other daughter was too young to be a co-signer of the mortgage. Your wife, the older daughter was simply following the advice of her dad. She most likely had no clue that they would expect this. I would tell both parents that they are getting off on the wrong foot with me.
This should be completely on the parents.
If they were going to make your wife pay half after she graduated college, then the parents should have specified that in the beginning. I would ask the parents to clarify what they told your wife in the beginning.
If they want your wife to pay 50%, then all decisions must be agreed upon by each party that has a 50% interest in the property. I would expect the parents to understand that "equal partners" have equal say. If they insist on making property decisions without your approval, then I'd pay them 0%. I would tell them from a business point of view, I am unable to pay 50% when my "controlling" stake is 0%.
Since they put up a 3.5% down payment, they paid more, but your wife paid part of the mortgage while she lived there. I would add all of the "rent" to determine if it is equal to or more than the 3.5%. As long as your wife paid part of the mortgage while the parents did not, then she gets credit for that amount.
If a profit is made, will they be splitting the profit? If not, then I would pay 25%. If they have a problem with that, I'd tell them to collect the other 25% from their other daughter.
Since both daughters supposedly benefitted from the arrangement the parents made, I personally would tell them that it was their decision to make, and their eldest daughter should not be penalized for the decisions of her parents. If they want any of their children to continue paying for this place, then I would expect it to be divided evenly by the ones that benefitted from the arrangement.
I assume the other daughter was too young to be a co-signer of the mortgage. Your wife, the older daughter was simply following the advice of her dad. She most likely had no clue that they would expect this. I would tell both parents that they are getting off on the wrong foot with me.
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