Burn your house down, either that or wait until they foreclose and get someone you know to buy it on the courthouse steps for 50 cents on the dollar. Most of the trouble is the banks refusing to come off those 11-14% interest loans.
Example, $200,000 loan @ 10% that's $20,000/yr in just interest payment
$200,000 loan @ 5% that's $10,000/yr, in interest
Mom and dad buy it for $100,000 @ 5% that's $5,000/yr in interest
A savings of at least roughly 75%
Payments from $1,600/mo to $450/month Same house, nothing has changed except you are now the beneficiary of the banks greed. They wont deal? Screw'm, live in the house rent free until they foreclose, that will take at least a year. Save money to do the down payment.
PLUS you have the potential of having $100,000 in profit should the house get back up to value. You can work the split with your mom and dad or whoever.
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