So my parent's in law helped us buy a house prior to the BK and we are now renting it from them. The idea is we wil purchase it from them in 3 years. Well the house has dropped some 30-45k since we bought it, and if the trend continues in 3 years we may be at some rediculous upside downess.... So WTF!? How will I get a loan on a house when the appraised value is less then what they owe?! this sucks. We bought the house for 345k, we put down 10%- and the house is worth maybe 300-310 now...
So will we have to have a huge down payment?!? Can the PIL loan me more money to put down?!? Should we just sell the place in a few years and take the loss.... ugh.
American Dream = dead
So will we have to have a huge down payment?!? Can the PIL loan me more money to put down?!? Should we just sell the place in a few years and take the loss.... ugh.
American Dream = dead