I was in a similar position where my parents put down a substantial amount to help me buy a house. However, we were smart in buying a house we could actually afford. A $2600 mortgage payment a month? These people are going to be foreclosed within a year at most.
Caller: “My husband and I make $80,000/year and we bought an $800,000 house”.
“My in-laws covered $300,000 of the down payment, but here’s the catch”:
“When the house sells, my in-laws get their $300,000 back PLUS a cut of the profits”.
Dave Ramsey: “What an abusive mess.”
“You bought a house you can’t afford.”
“You shouldn’t have done that.”
Caller: “i want to know how much financial input my in-laws should have…”
Dave Ramsey: “That ship has sailed, they own part of your life now. SELL THE HOUSE”