Mom & dad bought a single house 2 yrs ago. The plan was to sell the 2-flat they own & move in once dad retires. Things came up & they had to take care of them. By the time they're ready to sell the house the market is so slow that there are many lookers but not many offers. All the offers they received were way below the purchasing price.
They're strapped for cash now because the mortgage payment is 3 grand, 1/3 of it being home equity loan. My sis convinced them to take out a home equity loan so she can put part of it as downpayment for the new condo, and the rest went into stripping the carpet & put hardwood floor, track lighting...etc, & probably some new furnitures too.
DH had dinner with her (I was out of town) & was told mom & dad were hurt that I didn't even help out with their money situation while she & our little bro have been giving them money. I'm sorry- if our parents helped her with downpayment, shouldn't she pay that back? Right now she gives them $350 a month, but the payment for home equity loan is 1K/mo. If I contribute, am I not paying the home equity loan for her??? Both sis & bro were big time freeloaders when living @ home. After bro graduate from college, he lives at home with a PT job for 4 yrs. He gets to drive a car for free, didn't have to pay rent nor food, not even wash/gas up the car! And this is our parents' fault because they let him!!! Sis on the other hand, not as bad but she often swallowed more than she can chew. So many times she asked dad to pay for her credit card debt. He co-signed the credit card so she has excellent credit by the time she bought the condo. She recently brags to me that she goes grocery shopping once a month- not because she's lazy nor has a busy schedule but because our parents give her food once a week.
DH & I put all our savings as downpayment for our house. Few months later we ran into some unexpected problems right before our honeymoon so I asked dad for help. When we came back from our honeymoon that night I got a call from him:
Dad: How was the trip?
Me: Telling him about our trip.
Dad: Now that you're back from the honeymoon, it's time to pay me back.
Needless to say I never ask him for money again. I'm sure soon they will ask me for help. As much as I want to help them, in reality I'll be helping sis paying for her debt. I think the best way is to offer to pay for their electric and/or phone bill. That way I'm still helping, just not in the cash form. Any advice?
They're strapped for cash now because the mortgage payment is 3 grand, 1/3 of it being home equity loan. My sis convinced them to take out a home equity loan so she can put part of it as downpayment for the new condo, and the rest went into stripping the carpet & put hardwood floor, track lighting...etc, & probably some new furnitures too.
DH had dinner with her (I was out of town) & was told mom & dad were hurt that I didn't even help out with their money situation while she & our little bro have been giving them money. I'm sorry- if our parents helped her with downpayment, shouldn't she pay that back? Right now she gives them $350 a month, but the payment for home equity loan is 1K/mo. If I contribute, am I not paying the home equity loan for her??? Both sis & bro were big time freeloaders when living @ home. After bro graduate from college, he lives at home with a PT job for 4 yrs. He gets to drive a car for free, didn't have to pay rent nor food, not even wash/gas up the car! And this is our parents' fault because they let him!!! Sis on the other hand, not as bad but she often swallowed more than she can chew. So many times she asked dad to pay for her credit card debt. He co-signed the credit card so she has excellent credit by the time she bought the condo. She recently brags to me that she goes grocery shopping once a month- not because she's lazy nor has a busy schedule but because our parents give her food once a week.
DH & I put all our savings as downpayment for our house. Few months later we ran into some unexpected problems right before our honeymoon so I asked dad for help. When we came back from our honeymoon that night I got a call from him:
Dad: How was the trip?
Me: Telling him about our trip.
Dad: Now that you're back from the honeymoon, it's time to pay me back.
Needless to say I never ask him for money again. I'm sure soon they will ask me for help. As much as I want to help them, in reality I'll be helping sis paying for her debt. I think the best way is to offer to pay for their electric and/or phone bill. That way I'm still helping, just not in the cash form. Any advice?