What to do?

[maat55]

It's much easier to post a plan on a forum than to up and do the advise. Before I moved into the house I live in now, I had to move 3 times in 5 months. I won't bore you with the details, but i'm glad to be where I as opposed to the alterntive.

They are going to do what they think is best for them, but not neccesarily what IS best for them in the long term.

[tripods68]

I think it depends on how much surplus you have in the budget. 43% of $100k+ salary is different from 43% of $40k salary.

Oh sure I agree.

But you don't even need much surplus either. It's a good safety net, but not required. After we put down down payment and closing cost, we didn't have any money left over for any type of upgrades. I'm simply pointing out that it is not "too much house" for most people having above 40%. BUT to achieve this, they have to look at their situation closely; job security, step raises, no cc, and adhering to strict budgeting. It's hard but not impossible.

Anyway, we don't really know their entire income or job situation so everything else really just academics.

[maat55]

I've sold two homes and never payed a penny in fees or moving, other than renting a truck. There situation isn't so dire that they can't take some time to sell their home FSBO. If they can drop their ratio to 30 with a 30 year note , they could survive this with substancial sacrifice. They appear to be a young family, children cost alot of money, this is a huge factor.

My biggest regret is the amount of money I've thrown away in interest on 30 year notes. To keep this house on a 30 year note, is a big step backwards from the DR plan they started with.

[LivingAlmostLarge]

They have 4 kids which I know increases moving exponentially. I think part of the problem was moving to a new city and buying immediately. But with 4 kids I guess I understand the rush.

[Snoopy2645]

either sale the house or get a better paying job or second job or work more OT I see no other options

[maat55]

Moving isn't fun, you just roll up your sleeves and do it. In a short period of time they could be in a much better place financially, or they can drown in the place they are.