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My friend agonized and agonized & re-fied & re-fied, and in the end, nothing could help.
She wanted to "save her house".. I kept telling her that all the money she was throwing into the scheming to save it, was money wasted, because in the end, she would never live long enough to EVER "pay it off" and she could not even afford to sell it.. She was in essence, a prisoner" in that house.
They declared bankruptcy to try & save the house, but in the end they split up and neither one could afford to stay.
Letting go of "her' house was the best thing she ever did (except for splitting from HIM). She's comfortable with renting again, and has a very nice place to live.
The only thing she hates is the fact that she does not have that tax deduction anymore...but i remind her that she also does not have to pay out all the money every year for the upkeep of that place.
If your sis & her husband used equity from their house to help their businesses, they will probably not be able to save their house, so the sooner they leave it, the better..
They should do what any good business-person would do..cut their losses and go on.
They could stay for many months before they actually have to leave, and during that time , if they quit paying, they could stash that money away.. They will need it to start over..
Once they make a decision, they will sleep better. It;s the anxiety of not knowing what's going to happen, that drives people nuts..
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