Please help my parents with advice--Underwater on mortgage

[George Torres]

Hey guys, this isn't for me, but for the two people I love most in this world: My mom and dad...

They bought a weekend home they can't afford. They got the financing from the builder of the property and now they fell on hard times and can't afford the 2000/mo payment...

Should they short sale? Walk away? What course of action would cause them the least amount of harm in the short/long term? Thanks so much you guys!!

[Michaela G.]

I think in order to give you answers, it would help, if you gave more details, like

- where is the property? 

- What is it worth? 

- What are other similar properties around there selling for?

- How much do they owe?

- If it's a weekend home, have they considered Airbnb or other vacation rental opportunities?