I bought a house with my best friend after she got divorced. Within 4 months she got a boyfriend, and 2 months later she moved out and stopped paying on the utilities. She still pays her half of the mortgage but it wasn't enough for me to still be able to live there so I moved back home with my parents. The house has been sitting empty for about 8 months now and we recently found a renter. She gave the possible renter (one of her sisters friends) a key to the house and they have been in there and keep asking when I am going to get my stuff out. I got most of it out, but left a tub in the kitchen to get the dishes, came back and someone had THROWN all my stuff in a box. I do NOT want to rent to these people, if they can be this rude to me now, what makes me think they are going to respect my house. My ex-friend said if they don't move in she isn't paying on the house anymore. What should I do?
2007-09-25 09:21:19 · 9 answers · asked by Ashlee B 2 in Business & Finance ➔ Renting & Real Estate
I dont know if I can handle dealing with her for much longer. Even if we do have the renters move in, I'll be the one that has to do everything because she is probably the laziest person I know. And even with the renters it doesnt cover our payments, were still $200 short. And we tried to sell it but the realtor said we couldnt get what we owed we would have to pay about $18,000 because the market is WAY down in the area.
2007-09-25 09:24:13 · update #1
They aren't paying rent, they haven't signed a lease, they cant even afford to put a damage deposit down and SHE agreed to buy the house and pay her portion of the utilities when we got this house together, she renigged when she moved out, not me. I am very good at my finances, I'd just prefer not to go into major debt living in a house depressed by myself when I could move home.
2007-09-25 09:59:39 · update #2
Since you no longer live in the home, bankruptcy is probably not a viable option unless you can restructure a payment plan as part of a chapter 13. Your "friend" should be trying to find the best way out of this mess with you. If you are more than 60 days behind on the mortgage then you are probably already in default of your mortgage contract and the lender may be able to foreclose on the property. Another option would be to get your "friend" to agree to a "quit claim deed" where she would relinquish her rights to the property. You could then either find your own renter(s). Or find a room mate and move back in. If none of this works and you find yourself in foreclosure, be prepared to have it negatively impact your credit for the next 7 years or more.
2007-09-25 09:40:16 · answer #1 · answered by Kevin M 1 · 0⤊ 0⤋
Yikes- a perfect example of why you should really think at least 3 times about buying property to someone you are not married to. The question is- how much is your credit worth to you? Bankruptcy wont do you any good- it does not get you out of your mortgage. If you get foreclosed on, it will hurt your credit badly. But, if you are going to lose $18,000 on the house, then foreclosure may be the way to go. However- the bank does retain the right to come after you if the place ends up selling for less than you owe- nd they very well might. Renting may be the best way to go if you can hack the $200 a month, but if the renters tear the crap out of the place, then you can lose a lot too. What a bad situation, sorry- there isnt a clear cut good way for you to proceed here.
2007-09-25 16:29:16 · answer #2 · answered by bmwdriver11 7 · 1⤊ 0⤋
You have a house vacant for 8 months and you start a squabble over a box of kitchen stuff ?
She was paying 1/2 the mortgage while not living there and you could not manage the utility bills ?
You are financially inept and should get out of the mortgage as soon a possible .
Silly drama over a box of kitchen ware has No place in business ,
And if I were to be paying rent , I would have sent the junk to goodwill or salvation army .
Your friend is right ,
She already carried your buttt paying mortgage when she didn't live there ,
You never found another roommate or renters . . .
SHE found renters , not you . . .
Your friend carried you long enough , short sale the house .
>
2007-09-25 16:48:48 · answer #3 · answered by kate 7 · 0⤊ 1⤋
I am in a similar situation. Who's name is the mortgage in? If it is in yours you do not have to rent to anyone and can put the house up for sale. You may also want to look in your mortgage papers that you signed you may not be able to rent or your agreement is nulled and if something happens the loss is all on you. I would consider twice and tell your ex friend to get her friends out. If she could leave you after 6 months what is keeping these people A. paying you anything and B. from just moving out whenever they want to. If you rent it is really better to rent to people that you dont know believe it or not they are less likely to screw you in the long run. But I would definitely consider selling the property.
2007-09-25 16:45:53 · answer #4 · answered by Larissa D 1 · 0⤊ 0⤋
Tough spot. If you own half of the home, I would make it clear to the renter that is the case. Just because your "friend" agreed to these individuals renting the home, doesn't make it set in stone. You have ownership which means you have a say in the property. Don't be afraid to assert your ownership rights. I would seek legal counsel in proceeding further. Also, is there a lease? In most states, if there isn't a lease, you may evict immediately and without cause. Again, legal counsel is the best course of action.
2007-09-25 16:37:52 · answer #5 · answered by Property Doc 2 · 0⤊ 0⤋
Ashlee B.
get ready for financial shafting.
talk to bank about 'short sale without recourse' after visiting daveramsey.com to learn more. get 2 more jobs to cover ur expenses until u sell or force the sale if u got to . u don't want to be a landlord unless u have real cash available.
u'll be paying for this mistake for a long time. sorry
2007-09-25 16:31:53 · answer #6 · answered by Anonymous · 1⤊ 0⤋
I would take your would-be partner to court and have them settle the expenses and splitting of the house.
Never buy a house with someone other than a spouse. Even then it could not work out too. But your friend sounds really flakey.
Good luck
2007-09-25 16:28:43 · answer #7 · answered by lremmell64 4 · 0⤊ 1⤋
ask your friend to sign over her part to you refi it and then rent rooms out to college kids. they pay my mortage and they're great company thats what my husband and i do since we dont need 2 spare rooms
2007-09-25 16:27:02 · answer #8 · answered by sarah W 4 · 0⤊ 0⤋
call a lawyer. it will kill your credit for 7 years plus if you forclose, Same if you file for bankruptcy.
2007-09-25 16:34:40 · answer #9 · answered by bee p 4 · 0⤊ 0⤋