Help me solve this problem please. Me and my partner split up and i am still living in our house, he is fine with that but now we are talking about finalising things properly. I desp want to stay in my house but the mortgage is quite hefty, i couldnt afford it. The only way i can afford it is to have my dad as a guarantour, not really sure what that entails yet but i feel awful asking my dad as he is getting old and retired. What do i do? Its wreckin my head!! Plus my ex wants his payout frm house, how do i afford that too???
2006-10-09 06:23:08 · 19 answers · asked by woodentop 2 in Family & Relationships ➔ Marriage & Divorce
see if you can get a couple of room mates,, they could help you pay the mortage and you could be happy staying in your house,,maybe you can get enough rent so u can make double payments or something orr you can see if you can get another loan in your name only,,, that would solve all the problems
as foir him tell him he can get payments or something,,,
that was your dream house together,,,
at last resort ask poor dad for help,,
2006-10-09 06:30:07 · answer #1 · answered by thanks to our brave troops, 7 · 0⤊ 0⤋
Well.. here's my thought....
You specifically stated that 'the mortgage is quite hefty, I couldn't afford it'. This tells me that if I was your dad unless I was living there too... I wouldn't be the guarantor. If you default on this, your dad will be financially responsible. You've aready admitted that you can't afford the mortgage which means that someone would have to help pay that monthly note. Another item your dad would have to consider is that if he is to be on the loan, they would check his credit and his income to insure he could pay the full note should you not pay it. If they did put him on the note, his available to borrow credit limit will be dropped by the total amount owed on your home. So asking your Dad to 'co-sign' on a mortgage is asking A LOT!
I know you like the home, but I think you need to come to the realization that takes two incomes to support a home with a mortgage the size of yours. Therefore, I would recommend you put your home on the market, get what equity you can out of the sale and then find a new home that is more inline with your budget.
Good luck and I hope this helps!
2006-10-09 13:31:48 · answer #2 · answered by wrkey 5 · 0⤊ 0⤋
If you keep the house you will probably have to refinance. Typically the court will appoint a certain amount of time that you have to comply with. You can always try and refinance without you dad first and see what rates the bank will approve and then try it with him and see how different they are and make your decision that way. When you refinance you finance for the remaining amount owed plus one half the equity built (your partners portion) this is how you get his payout. You can't afford the house your probably best off selling it and using your half of the equity to put a down payment on a more reasonable house. Good luck.
2006-10-09 13:29:40 · answer #3 · answered by brett.brown 3 · 0⤊ 0⤋
If you cant afford the house, please consider giving it up. You can ask your dad to be your guarantor but he may say no. Why should he be held accounted to pay your mortgage? Why not sell the house and split the proceeds as your partner suggest? Bottom line is, don't be selfish, if you want the house, you need to find a way to make the payments.
2006-10-09 13:32:04 · answer #4 · answered by Ntrigue1 1 · 0⤊ 0⤋
Let it go, honey! Is hanging onto some old house really worth all that misery? You'll get back on top, just be patient...settle in and play your game. Housing is pretty flat in most markets these days, so you have time to sit on the sidelines before getting back in. Plus, you'll find a house that you won't need Dad's help on, and it won't have all those old bad memories from a failed relationship.
2006-10-09 13:27:51 · answer #5 · answered by bigdogthepirate 2 · 0⤊ 0⤋
Something similar happened to me. I worked, worked and worked some more and started renting an appartment.
You both must sell the house, it's obvious you can't afford the sell out.
2006-10-09 13:29:33 · answer #6 · answered by greenie 6 · 0⤊ 0⤋
Leave the stupid house. Let him sell it, and if you BOTH paid in to it split whatever is left after you pay off the mortgage.
You don't need to be where you're constantly reminded of your life with ex.
2006-10-09 13:30:22 · answer #7 · answered by BlueChimera 3 · 0⤊ 0⤋
Its best just to sell it and move on. Wipe your slate clean and start over. Pay out means that if you make a financial gain from selling the house, he wants part of it.
2006-10-09 13:25:30 · answer #8 · answered by Angel Eve 6 · 0⤊ 0⤋
You can take a morgage out on the house to pay your ex what he wants. I would talk to your father, he loves you and he will help you any way he can....... I am sure of that. If you want your home, you will keep your home... and you will work and make the money that you need to be able to do that. All will fall into place.... if you work at it and you really want it. Blessed be..........
2006-10-09 13:28:01 · answer #9 · answered by shy&gental 4 · 0⤊ 1⤋
You are in a pickle, because it is his house too, so you must sell, then you get half the proceeds. It is time to move on.
2006-10-09 13:27:16 · answer #10 · answered by Anonymous · 0⤊ 0⤋