Quote:
Originally Posted by HardDrive
They can make the payments, but it seems insane to do so. I guess the one bright star is that the neighborhood is stable, perhaps even on a slow uptick.
Theyre great artists, but financial maters elude them.  |
What a tough position. Insane to stay, insane to go. No easy solution. On the bright side, this may be a big "wake-up" lesson on money management.
Putting the same noose around your parent's neck can do no good for the family. If your parents are able to supply enough cash for a huge down payment, a re-fi may be possible. But then is the cash a gift, an interest-free loan, or what does that do to their financial/estate planning? Whatever happens, your parents should NOT take any legal responsibility.