Will i loose my home?
Posted in Renting & Real Estate on 06/19/2009 06:26 am by admin
I purchased a home with a childhood friend. Both our names are on the title and both of our names are on the mortgage. We lived in the home together for approx. 1 year and then we moved out going our seperate ways and turned the house into a rental property.
I purchased a second home with my new wife that we currently live in. My childhood friend lost his job a while back and can not afford to pay his part of the mortgage for the house and i can not afford to pay the whole mortgage in addition to the mortgage on the house me and my wife live in. the rental income from the house helps a little but we still have an approx. $1000 difference every month we have to come up with (his half is $500 and my half is $500). what are my options? if we cant pay the rental houses mortgage anymore and it gets foreclosed upon, is my home i live in with my wife in any kind of jeopardy???
selling it is out of the question as the real estate market slide puts us in a negative equity situation.
California……..
How long does it take for my credit to recover from that? 5 year? 10 years?
WILSON
06/20/2009 at 11:43 pm
GUY
What State?
06/23/2009 at 6:50 am
ROOSEVELT
You have a serious issue here. Since you co-purchased and co-signed the mortgage, you are partners in owhership, but each and/or both of you are responsible to make the full mortgage payment if the other defaults.
Chances are good that your personal home is not in jeopardy, but your credit score and future ability to borrow money and/or obtain credit is another story. Your credit rating is gone to take a very serious hit.
06/25/2009 at 7:39 am
ELMO
Your personal home is not in jeopardy but your credit
is which is most important. If you have foreclosuer on your record it can damage it big time.. I handle financing and pre foreclosuers as well. Keep making the payment. Or refinance the home.