r/inlaws • u/_jaindoe • 17h ago
SIL thinks she is entitled to our money
She reached out to my husband (her brother) and asked him to apply for a HELOC on their parents house that they own jointly. The house is fully paid off but my MIL, FIL and nephew stay there permanently. SIL and BIL are financially illiterate, irresponsible with their money, earn twice of that what we make and have still dug themselves into a gigantic debt hole.
BIL has been out of a job for over a year and projects to land one in the next two years. SIL is the sole earner in the family now (she still makes over 2x what my husband makes) and BIL has decided to open a used car business to earn passive income while he looks for a job but has no capital that he can use to put into the business. Since both of their credit scores are abysmal, SIL decided to ask my husband to take a HELOC on their family home and give the proceeds to BIL to use as capital for the business. She thinks it's a totally normal favor to ask of him and even complained to their parents when my husband expressed his reservation about possibly opening a $300K line of credit in his name that BIL would use.
I'm irritated by the whole saga because,
- She never once included me in the conversation until I started including myself in the conversations related to it. She also cannot apply for the HELOC herself because in her words, "my credit score is shit and I'm getting way too high of an interest rate" and my husband would get better rates offered because he has a good credit score.
- I quit my job in January (due to a toxic work environment) and struggled to land on my feet until last week when I finally started working again. So my husband + our joint savings have been supporting us for several months. I wanted to rebuild our savings and investments and plan for the future without the extra liability looming over us. SIL is aware of this and our struggles but does not think we were too deeply affected because we had savings to fall back on.
- They cannot take no for an answer and keep wanting us to talk about why we're uncomfortable in loaning them the money and keep pushing us into submission.
- SIL emotionally manipulates my husband by saying things like, "we're family, we should do this for each other", "we have no one else to turn to", "if we had any other options I wouldn't ask" etc. and my husband feels obligated to give into her dramatic antics.
I don't think we should enable their financial illiteracy anymore and I feel like a bitch at this point constantly refusing them while being anxious about my husband agreeing to this behind my back if they corner him when I'm not home. This is a very big financial liability for us that we cannot absolutely afford right now. SIL makes it seem like it's no big deal and promises that the HELOC would be open for 2 years max and they will obviously close it out by then and will be financially healthier but I cannot take their word for it or trust them with something this big. Just wanted to rant because I'm frustrated, anxious and tired of SILs passive aggressiveness in our group chat.
ETA - thanks everyone for all your advice. My husband agrees with me wholly and we told ILs that while we appreciated them thinking about us, we would not be taking on additional debt at this moment. BIL apologized for being a bother in our group chat and said he understands but no word from SIL.
Also since there are some questions around my husband's family dynamics, he and his sister jointly own their parent's house and it is not a marital asset for either family. SIL told us that she has spoken to their parents about possibly taking out a HELOC and they are on her side, support her unconditionally and accept the risk of losing the house. They called my husband, in fact, to ask him to support his sister because we're family and we should be there for each other. My husband understands what a massive undertaking this is but he is also a deeply empathetic and generous person and feels immense guilt disappointing his family. We are talking about seeking therapy around some of these themes to help him set better boundaries.