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Originally Posted by KrazyKracka
The house is 2 years old, I should have told you guys this before. They got married in 2002, and both of them already had homes, but they wanted to make a "neutral" house. This house wasn't the only mortgage they were paying on, there was still one out from before. The existing mortgage on this current one has only been opened for a couple years, so the amount owed is still quite a bit.
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So what happened to all the equity they had in their prior homes? I'll answer that--they gambled it away. Unless they still own them, in which case, why are they hitting you up for cash?
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I'm not trying to bash my parents either, I know they care for me, and would do anything to help me if I was in a bind, but I think that's a lot to ask of someone.
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At the risk of being too blunt, I didn't see where they helped YOU when you were in a monetary bind.
If you loan them the money, it's gone. Don't even THINK about securing it against the house, or anything else. First of all, you won't get it out of the house. Secondly, you'll be the ungrateful child that "stole their car," or whatever security they offered, when they were "down on their luck."
You got some good advice earlier. Tell them you can't get a loan. Do you REALLY want to be $4000 further away from finishing school?
Sorry if I was too outspoken, but your post was screaming out to me.