Situation is a married family of 3, both spouses have 550 or below credit, father in law wants to put 1/2 down on a house, yet put in private trust of his wife – in case things go wrong in marriage.
His argument is – sure hate to see you throw money away in rent, but I kind of see it as, I still am no home owner, and now I pick up responsibilities of taxes, insurance etc. And there is never a day expected the title becomes in my name jointly.
I’d RATHER work on my credit, and purchase the home jointly with spouse, am I insane to pass up the choice to move to a larger home – would benefit the child, so I’m tempted to think my take on whether I’m left out of the picture really matters compared to the benefit fo the child.
I just find it puzzling he wants to keep such a tight leash on the title. What would anyone else do ?
Should I have my say and put forward I don’t want to be throwing money away to him instead of my current landlord since I’ll never be on the title ?
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