Well I got husband's reluctant permission to approach FIL about a buyout deal.
I called and presented it like we were doing him a favor allowing him to get out of a deal he made before he needed so much cash.
Instantly he said No. He said he has it all planned out and everyone will be paid off by the time he retires. And he is counting on the $20k income as a second pension after he retires.
So then I repeated my line of thinking that he could pay everyone off faster by getting cash right now.
He then told me he wants to just continue the plan..."as long as you are still ok with the plan?"
I did a long hesitation trying to collect my thoughts. I said "well, we just thought we would get the money from you and reinvest in another property...but we havnt been able to do that...I didn't expect the money to be tied up for almost 4 years. "
Awkward silence.
Then he tells me he will stop paying the other payments to the other reletive to accelerate payments to me...he might be able to pay me off by 2015.
Well that really wont do anything for me. I've waited over a year, I'll be waiting another 12 months, whats another 12 months after that? We still cannot invest in a property, and right now is what I'm concerned about.
So I told him to keep it all as we have currently and got off the phone. I told husband the plan was a no go and husband got mad at me. He said he "told me so" and now he has to deal with the consequences. His dad would call him and ask a bunch of questions and get all freaked out.
Sure enough within an hour- FIL calls husband and husband has to backtrack my words to smooth out FIL's feelings. Saying its really no big deal and no one is mad about how things turned out.
I promtly burst into tears because I kind of thought he would go for it. I thought we could get the property back. Then husband is mad at me for crying saying I KNEW we wouldn't have enough money when we moved back from California but I wanted to come home anyways (remember husband didn't actually want to come back home- he still wishes things worked out better in Cali and we stayed).He reminded me that I KNEW I had to find a job when we returned home because our income was not enough to cover our expenses. And I was prepared to find a job.
And then I had a baby. And I wanted to find a way to not get a job right away. And thought this could work out. But it didn't. So I've already applied to 5 jobs.
So the proposal was rejected. My money is tied up and I wont get it for 2 years. UGH, time to figure out how to get over this.
My offer wasnt accepted either!
December 13th, 2013 at 11:49 pm
December 14th, 2013 at 12:13 am 1386979982
I DO suggest that you be honest w this FIL though and say we expected the money back by x time. it is now y time. yes if you can accelerate that would be great. we want our money (give him a year tops).. so we can invest. We are now essentially out of the market at a prime time to buy.
hang in there
((hugs)) and great job asking!
December 14th, 2013 at 03:37 am 1386992236
December 14th, 2013 at 03:41 am 1386992473
I'm sorry for the outcome. Honestly, I'd be super angry at the FIL for purchasing the house for the girlfriend before paying you back. He knew your circumstances , (eg moving, having a baby, etc.) But, you need to let it go for your family and mental health. Your hubby should not be mad at you. IMO he should stand up to his father and explain the circumstances and consequences of his actions.
I wish you nothing but good fortune in 2014!
December 14th, 2013 at 05:35 am 1386999300
You know you're in the right, and you know not to trust anyone ever again without a formal contract. You're young, smart, entrepreneurial and ambitious. You'll bounce back from this, I have no doubt.
December 14th, 2013 at 02:20 pm 1387030821