No. of Recommendations: 1

What is that old saying? Pride goeth before a fall.....

Touche. I suppose I should know better than to try to be flippant on the intertubes, even with a smiley. What I should have done a better job conveying is that there is almost no way that the 2nd mortgage money is not going to be repaid in full, regardless of what the house ends up being worth upon sale. I'd refinance, pull from my roth, hustle in the street first...

So I would suggest that swallowing your pride and talking to your parents now about how to get out of the situation, still make them whole and still be able to move when you want to is probably going to be your best course of action.

Umm, I'm trying to ask for advice about doing precisely that. What exactly are you suggesting I talk to them about? They know we are upside down already. And I know that if I asked them, they would most likely forgive us some or all of the loan--but that option is not acceptable to me, as I will pay the money I owe one way or another. If you mean decoupling the loan and the house as Dave has suggested, that is probably a possibility too, and one I hadn't considered before. If you mean something else, I'm all ears.
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