My daughter and hubby bought in 2007 when prices were headed down. Unfortunately, they continued down drastically more. They put $20K down and right now they are still just over $100K upside down. They can make the payments, but my son in law is being transfered out of the area. They can’t sell and can’t rent it for the payments. What the hell do they do?
If your daughter and son in law live in a state with no recourse laws, such as Arizona, they walk away. It will hit their credit score for a few years and after that they’ll be fine. Housing prices are going to continue to drop anyway.
Walk away!
My son and dil got talked into a BS deal by dil parents against my protestations.
Turned out that the deal was to help her parents friends, not the kids.
My son is going to get beat up, but they had to so they could save their marriage!
They will be fine when the dust settles...I HOPE!
Why cant they sell? A short sale should work.