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re: Cousin just asked me for money: he’s a high income earner and parents are wealthy

Posted on 8/18/23 at 6:17 am to
Posted by Tiger Prawn
Member since Dec 2016
21999 posts
Posted on 8/18/23 at 6:17 am to
quote:

He’s fricked on that end. Upside down
How’s he upside down? Home prices are still high as hell and mortgages on investment properties usually require at least 20% down.

Sounds like if you loan him $50k that you may as well forget about ever seeing that money again. Tell him go ask his parents for money or try to talk to his mortgage lenders about possibly doing a short sale to offload the properties he can’t afford
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