Help! My BF and I broke up and we own a home together!!!?

Question

My (ex)boyfriend and I bought a townhome last August. It was pretty much the stupidest idea ever but yeah. Now we can't even see each other without screaming and I have no clue what to do. He would be willing to move out but I know that I would not qualify to have the mortgage on my own, and I assume that I would have to refinance, which I cannot afford. And I couldn't really afford the mortgage anyhow it's $1500 a month and I make about $2800 a month. We could put the house up for sale but with the market right now I know we would not only take forever to sell but probably lose money.

So what I am wondering is - what is the quickest and cheapest way to solve our problem? And what would happen if he just moved out and refused to pay? What recourse would I have to recover the money or would I just be sh*t out of luck?

Answer 1

Have you thought about a roommate to help with the morgage?

If you rent it out which isn't a bad idea you'd still have to be in business with your ex which with the arguing and stuff it probably would be stressful and end up messed up somehow.

Answer 2

The best thing to probably do is try to find a roommate. You could rent it out and you may lose money on the deal. That's just less to pay tax on next year. Or you move out and let him keep it. You lose the house but your not out any money. Who ever moves out should do a disclaimer deed to the other party.

Good luck.

Answer 3

I don't know why you can't afford the mortgage with your income you should be able to...if you change your lifesyle.  How many bedrooms...can you take a roomate to take off some of the burden?

If you can't get along and you decide to rent the place to someone you better have papers drawn up leaving one of  you to handle the rental situation so there aren't a bunch of problems.

If he abandons the place and you can't pay, it ruins his credit.

ADDITIONS

Really, the best thing to do is have one or the other of you buy the other one out if possible.  Or to sell, even though  you wouldn't get the best price.  In a situation where you the two owners can not get along at all it is best to end and cut off all ties.  Owning a home together is probably the last thing you should be doing.  Good Luck and even though you probably know this now....unless you are actually married you should never buy anything major with another person....no cars, houses, boats, etc etc.

Answer 4

if you two can not get along at this point, how are you two going to corporate for a year or two with the rental of the house until the market improves?

Answer 5

If neither of you can afford the mortgage, the your best bet would be to rent it out while you are trying to sell it.  make sure your tell your rentors that the house is on the market.

Answer 6

If you leave it up to your ex to pay his half then you both will have ruined credit and you would probably not have a place to stay.

Renting out the place you can have them sign a lease type contract and cover the difference while also seeing if you can have his name removed from the home loan.

I also thin that you may be able to afford the home alone...yeah it is a long term agreement but with your income if you change your habits and spending you should be fine. You could also see about removing his name off the loan and getting a part-time or second job. This will help you to have more left over. I suggest you go over all your bills and spending to see what you should do.

Answer 7

RENT IT OUT!