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