Quote:
Originally Posted by HardDrive
The home is in the Highland Park area of LA. Today they owe about $580k. Zillow says the place is worth about $450k. Payments per month are about $5000!
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They've got two things going on here, their home, and their investment. As an investment, their situation sucks. But what would they have to pay to rent a similar place? If it was worth $5000 a month to them to live in it before, then shouldn't it be worth that much now? As long as they like the place and they can pay $5000 a month to live there, that's what they should do. Yeah, they're screwed on it as an investment, but do they like living there?
Never get the family involved in a co-sign, especially on a bad financial deal.