Goodgirl wrote: ↑Sat Sep 05, 2020 4:09 am
Haulnarse wrote:Y0L0 wrote:They mentioned in the video that they received offers, but they were too low. At this point I feel like they should just take it and run. In the long term 10-20k lower than what you want isn't much when your mortgage is 3400 a month and that's 5 months of sitting on the market.
Sent from my SM-N960U using Tapatalk
They have zero cash to bring with them to closing though. They still need money for lawyers and fees and to pay the difference etc. No bank or lender will lend them money to get out of this money pit. The bank would rather foreclose on them.
I feel like that would be the appropriate time to borrow money from her parents to pay the fees and difference. Gets them out of their hole immediately and then they can work on paying them back without the huge 3400 payment every month
Sent from my iPhone using Tapatalk
This is assuming that Katie's parents have any trust that as soon as they loan them money they won't immediately dig themselves into a new hole. I'm guessing they've been down this road before. Wouldn't be surprised if they have offered to help but with conditions, such as securing gainful employment, that Katie doesn't want to agree to. If her parents are big Dave Ramsey followers, he is very adamant about not giving people money if they have a track record of mismanaging their money. He compares it to "giving a drunk a drink." He would probably advise Katie's parents to give some very strict parameters to the financial assistance.
I haven't watched the most recent video because I'm sure they're just talking in circles, but if they suddenly don't want to hear people's comments and don't want to share what's really going on with their debt, I highly doubt it's because they're suddenly on track and doing well. It's probably the opposite. They're spiraling again, perhaps a new credit card. Eating out all the time, back to school shopping hauls, and now suddenly they want a new washing machine? They haven't magically stumbled upon more money, they've found a new line of credit.