My father in law wants to take $20,000 from our remortgage for co-signing the loan…?
When I got married my father in law co-signed for a house for my wife and I because she was 20 and didn’t have any credit and I had just come from the UK and hadn’t even got my SSN yet. Now 6 years later with us paying the mortgage and homeowners payments for the whole time we are looking to refinance to pull some money out to update the kitchen and bathrooms and he says he wants us to “buy him out” for $ 20,000 from the equity of the home. (We bought it for $ 69,000 and its now appraising around $ 120,000) We have paid around $ 40,000 in payments on the house over the 6 years and I feel like he is being greedy trying to profit on his kids. I don’t know how to approach the subject with him and my wife doesn’t want a rift with her parents over money. Her father is quite well off as a financial planner and makes probably $ 100k a year and her mom works too. Her father co-signed for her brother also but his house is in georgia and is worth less than what the paid for it so they don’t have to pay squat if they sell it. I need some advice on what to do about this. Its a very delicate situation and I need to approach it correctly.