My father wants to take $ 20,000 from our remortgage for co-sign the loan …?
When I married my father co-signed for a house for my wife and me because she was 20 years old and have no credit card and that I was from the UK and had not even got my SSN. Now 6 years later, we pay the mortgage and the owners paid for all the time, we seek to refinance to get money in the kitchen and bathrooms need updating, and he says he wants us to “buy” for $ 20,000 in equity in the house. (We bought it for $ 69,000 and assessment currently about 120,000 U.S. dollars) We paid about $ 40,000 for payments on the house over 6 years and I feel he is trying to benefit hungry for its children. I do not know how to broach the subject with him and my wife does not want to break with their parents about money. His father is very rich as a financial planner is probably $ 100k per year and his mother also works. His father co-signed for her brother too, but his house is located in Georgia and is worth less than what the paid for it, so they do not pay squat, if they sell it. I need some advice on what to do. It is a very delicate situation, and I have to correct the approach.