Posted on: 14th Apr, 2010 06:42 pm
Hello,
I co-own a single family home in Maryland. I haven't lived in the home since 2008, but paid half the mortgage for a year, until the other owner got some roomates, anyway that situation has gone sour with the co-owner leaving the house and not paying anymore money towards the mortgage. i can not take over the property for I am stuck in a lease and don't want to move. I offered to help see the house but the co owner says he wants to forclose on the house and not pay anything. I can't make any payments to the house, and we are now late on our first payment. Is there anything I can do to prevent him for dragging me down into foreclousre and ruining my perfect credit? The house is upside down on the mortgage only at about 30 thousand. Any suggestions?
Thanks, i'm desperate for a solution!
I co-own a single family home in Maryland. I haven't lived in the home since 2008, but paid half the mortgage for a year, until the other owner got some roomates, anyway that situation has gone sour with the co-owner leaving the house and not paying anymore money towards the mortgage. i can not take over the property for I am stuck in a lease and don't want to move. I offered to help see the house but the co owner says he wants to forclose on the house and not pay anything. I can't make any payments to the house, and we are now late on our first payment. Is there anything I can do to prevent him for dragging me down into foreclousre and ruining my perfect credit? The house is upside down on the mortgage only at about 30 thousand. Any suggestions?
Thanks, i'm desperate for a solution!
Hi orandaz,
You and your co-owner, both have equal rights to the property. You can neither force him out of the home nor make him pay the mortgage payments. Whose name is on the mortgage? Only your name or your co-owner's name as well? If his name is also on the mortgage, he is equally responsible for it and if he stops making payments his credit will be affected.
However, you do not have much option when it comes to saving the house from foreclosure. You will have to take over the responsibility of making the mortgage payment in order to stay current on the loan and save the house from foreclosure.
You and your co-owner, both have equal rights to the property. You can neither force him out of the home nor make him pay the mortgage payments. Whose name is on the mortgage? Only your name or your co-owner's name as well? If his name is also on the mortgage, he is equally responsible for it and if he stops making payments his credit will be affected.
However, you do not have much option when it comes to saving the house from foreclosure. You will have to take over the responsibility of making the mortgage payment in order to stay current on the loan and save the house from foreclosure.