What do your parents owe on their home?

<p>Should I write 100 percent or the value of the home? (My parents are the only owners.)</p>

<p>That refers to the amount of the loan held against their home, so you put the outstanding balance on their mortgage. Ask them to look at their most recent mortgage statement to see what is still owed on the home.</p>

<p>The above shows why parents (or another responsible adult) should be helping to complete the CSS --most high schoolers don't have the financial sophistication to handle it on their own.</p>

<p>My house values about 90k. My parents bought it cash in '92. What do you mean " what is still owed on the home"? Is it in my case 0, because they paid it all?
Thanks a lot!</p>

<p>Right, what is owed is $0. The schools will see that your parents have equity in the home they could potentially borrow to help with college costs.</p>

<p>Goodness, where are your parents?! Yes, "owe" means there's an outstanding debt...there's no hidden meaning there. If there are no loans against the property, then they owe 0. You need to ask them to be sure as sometimes people take equity loans against their property after they buy it.</p>

<p>The people above are right...</p>

<p>Get your parents involved....you're not properly reading the question.</p>

<p>The question isn't asking whether your parents are the sole or partial owners of your home. The question is asking how much your parents OWE (not OWN) on their home.</p>

<p>Goodness, where are your parents?!</p>

<hr>

<p>Probably my neighborhood. Once upon a time, our housing values were higher. The number of foreclosures in the area has led to ridiculously low values ... which is sad, considering that the homes were in horrific shape because the owners didn't care once they knew they'd lose the home. The rest of us who take care of our homes are sc***ed because of the short sales and bank takeovers.</p>

<p>I feel for you though my area never had the big run-up on property values so we didn't experience too much more than slow sales and delays when the banks wouldn't approve new mortgages. A few foreclosures due to job losses, but most of us are just sitting tight as we would have anyway. But what my comment actually meant was, where are this student's parents (literally) that s/he isn't asking them to interpret the question instead of relying on the internet!</p>

<p>LOL! I thought you meant the low housing value (can you tell I am sensitive about my biggest asset being in the toilet? Thankfully, I don't plan on moving so figure it will go up eventually). :)</p>

<p>Because my parents don't know english. Thanks a lot guys!</p>

<p>If you look at Chrome's other posts, he is from Romania.. Can any of you international parents help him out. If you search, he has tons of questions about this form and could use some help. I'm not at that point yet, so I'm no help. But he seems to desperately need some help!! He is an international student negotiating this on his own.</p>