Posted on: 26th Sep, 2008 10:10 am
My friend is on a mortgage with two other guys, all unrelated, bought the house about 4 years ago thinking it was better than renting and they could later sell for a profit, well now they owe way more than the house is worth since it was not well maintained and obviously because of the market. He has not lived there for about 8 months but continues to pay a third of the mortgage payment, at one point they discussed selling but that went no where. He wants to stop paying since it as it is a financial burden but he is afraid that they (his former roommates) will take him to court. Do they have a case? Everyone I've asked is unsure, of course the mortgage company can go after him if the house goes through foreclosure and they owe money but at this point they are not behind on payments and the other two guys don't exactly feel the need to move right now so I don't know if they will allow the house to go through foreclosure.
what a mess it can be to have multiple unrelated borrowers on a loan, especially a mortgage.
your friend can certainly stop paying, but if that causes a hardship on the other owners, then certainly a serious problem could develop. and, of course, so much for friendship.
can they sue? sure, why not? will it be successful? who knows?
the most fair solution is for your friend to make some sort of settlement offer to the other borrowers - he agreed to do this deal with them to begin with, and the old adage that "a deal is a deal" ought to apply, even if 2008 is a year in which the opposite generally rules.
your friend can certainly stop paying, but if that causes a hardship on the other owners, then certainly a serious problem could develop. and, of course, so much for friendship.
can they sue? sure, why not? will it be successful? who knows?
the most fair solution is for your friend to make some sort of settlement offer to the other borrowers - he agreed to do this deal with them to begin with, and the old adage that "a deal is a deal" ought to apply, even if 2008 is a year in which the opposite generally rules.
Hi Rachel!
Welcome to Forums!
I completely agree with George. There are chances that your friend will be sued by the other roommates as they will never want a foreclosure. Chances are that they may even win the case. Its better if your friend talks to other roommates and find a solution to the issue.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
I completely agree with George. There are chances that your friend will be sued by the other roommates as they will never want a foreclosure. Chances are that they may even win the case. Its better if your friend talks to other roommates and find a solution to the issue.
Feel free to ask if you have further queries.
Sussane
