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So bummed for family . . .
DH's aunt and uncle kind of stand in for us as grandparents with Bebe. I adore them . . . they live really close to us, are constantly asking to have her over, always babysit for us at the drop of a hat, etc. DH's uncle is really amazing and always takes care of his family. Unfortunately, that usually means he bails someone out of bad situations, helps them to purchase houses, etc.
DH's aunt and uncle have a business that has been struggling because it depends on the housing market. They have exhausted all their financial options and have decided to sell their house. They have over 50% equity in their house so it makes sense to sell it and use the equity to help restructure their business to make it more stable.
I'm heartbroken for them. They spend $1551 on their mortgage right now in this gigantic, beautiful dream home overlooking the lake in Mission Viejo. (Its seriously a pinch-me kind of house.) They have completely redone the entire place . . . flooring, kitchen, bathrooms, etc. Its a very warm, very inviting place but it is still a showplace.
They will have to rent a house for possibly at least two years . . . and you can't rent anything decent in this area for under $1600 a month. Its so frustrating that they will have to do this! I feel so bad for DH's uncle because he always helps everyone else out yet no one can help them in return. They want to stay close to us so they can be available for the baby, but that just means more expensive rent . . .. ugh.
Keep your fingers crossed that something else comes up for them. I know DH's uncle is hurting right now . . . he was so proud to purchase that house and fix it up the way he did. It was truly a labor of love from him to his wife . . . .
Re: So bummed for family . . .
Oh no thats so terrible
Is there anyway they can rent the house out until the company is back on its feet?? that just sucks. Sorry to hear this. Vibes their way~~
Sadly, no. They need the equity so the only option is to sell.
Ditto!