Posted on: 16th Jun, 2009 03:48 pm
The short version is that I made a bad decision to help a friend/ make an investment in a house and now I want out. The deed is in both of our names, but the mortgage is solely in my name. Her credit is not very good and her income is not technically high enough to cover the mortgage on her own. If we try to sell the house right now, we'll likely be upside down on the mortgage. What are my options?
you have a few options. you can retain the home and continue to pay the mortgage. you can sell the home and seek a short sale. you can both move out and attempt to rent the home and thereby reap enough to pay the mortgage. you can abandon the home (a ridiculous choice). you can try and persuade her to refinance in her own name (at the same time you transfer ownership to her solely), and if she cannot do that by herself, you can attempt to find someone else to make an equally bad decision to help her make the deal work.
i suppose the other alternative is to try to assist her in straightening out her "not very good credit" and finding her some more income somehow so that she will be able to refinance at some point in the not too distant future.
i suppose the other alternative is to try to assist her in straightening out her "not very good credit" and finding her some more income somehow so that she will be able to refinance at some point in the not too distant future.
robert all these options you mention will obliterate the credit score, for all of them you have to be behind on your mortgage.
unfortunately you are not in a great situation mad13k, and i think you know that. I agree with George that your best option is to find someone else to assume your position and co-sign for the refinance for your friend. Good luck!
unfortunately you are not in a great situation mad13k, and i think you know that. I agree with George that your best option is to find someone else to assume your position and co-sign for the refinance for your friend. Good luck!
