Posted on: 18th Feb, 2009 12:35 pm
My boyfriend and his current roommate purchased a condominium about 2 years ago. I don't know the exact details of their mortgage, but I know that the place is valued at roughly $250,000, there was no down payment, and they pay around $1500 a month to their mortgage company.
My boyfriend wants out of the place (nightmare of a roommate), but hes afraid that he will lose out on what he has already invested in the place. He is pretty confident that his roommate will NOT want to sell the place altogether, and my boyfriend doesn't want to sub-lease the place out to someone else. What can he do?
I've done some research and know that his roommate can buy his half of the place, but that doesn't seem like a likely fix to this situation! Can anyone give me some more information, or another website to check out?
Thanks,
Danielle
My boyfriend wants out of the place (nightmare of a roommate), but hes afraid that he will lose out on what he has already invested in the place. He is pretty confident that his roommate will NOT want to sell the place altogether, and my boyfriend doesn't want to sub-lease the place out to someone else. What can he do?
I've done some research and know that his roommate can buy his half of the place, but that doesn't seem like a likely fix to this situation! Can anyone give me some more information, or another website to check out?
Thanks,
Danielle
The room mate can buy him out but his name will stay on the mortgage until it is refinanced.
Hi danimarie!
Welcome to forums!
Eric is correct in saying that until the property is refinanced by the room-mate in his name, your boyfriend's name will remain on the mortgage docs. Your boyfriend has to convince his room mate to sell off the property so that he could get back whatever he has invested in the property. He may even negotiate with his room-mate so that the room mate buys him out.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Eric is correct in saying that until the property is refinanced by the room-mate in his name, your boyfriend's name will remain on the mortgage docs. Your boyfriend has to convince his room mate to sell off the property so that he could get back whatever he has invested in the property. He may even negotiate with his room-mate so that the room mate buys him out.
Feel free to ask if you have further queries.
Sussane
