Seeking advice for a relative.
(Irish) related story here.
Boy meet girl. They buy house together. Both names on mortgage.
The relationship falls apart after one year. No children involved. They are not married.
Male moves out. The stress got to him. Moved in with his brother.
The couple are still paying their share of mortgage.(even though he moved out)
House now in negative equity by about fifty thousand Euro. They paid top price, possibly too much for the house to begin with. (lots of extras were included)
Now
Girlfriend does not want house sold., and continues to live in it.
The exBoyfriend still paying his share of mortgate.(and rent to his brother)
He wants house sold, she does not. She is refusing to move out.
He knows even if house is sold there is no money to be divided between them. He knows he will have a shortfall of 50 Thousand Euro if house does sell.
If you were in his shoes, what would you do. He regrets now moving out.
He has one child (not with her) and could manage the mortgage on his own with family moving in to help him with payment.
Legal advise suggests it will take two years to get her out. In the meantime she will continue to live in it, while he pays half of the mortgage
The way I see it, she is sitting pretty for the next two years. She has the house all to herself while he foots the bill. Her new love has also moved in with her.
Any advice from those who might have gone through this?
is she liable for half of the shortfall if house sells for less than is owned to bank?
(Irish) related story here.
Boy meet girl. They buy house together. Both names on mortgage.
The relationship falls apart after one year. No children involved. They are not married.
Male moves out. The stress got to him. Moved in with his brother.
The couple are still paying their share of mortgage.(even though he moved out)
House now in negative equity by about fifty thousand Euro. They paid top price, possibly too much for the house to begin with. (lots of extras were included)
Now
Girlfriend does not want house sold., and continues to live in it.
The exBoyfriend still paying his share of mortgate.(and rent to his brother)
He wants house sold, she does not. She is refusing to move out.
He knows even if house is sold there is no money to be divided between them. He knows he will have a shortfall of 50 Thousand Euro if house does sell.
If you were in his shoes, what would you do. He regrets now moving out.
He has one child (not with her) and could manage the mortgage on his own with family moving in to help him with payment.
Legal advise suggests it will take two years to get her out. In the meantime she will continue to live in it, while he pays half of the mortgage
The way I see it, she is sitting pretty for the next two years. She has the house all to herself while he foots the bill. Her new love has also moved in with her.
Any advice from those who might have gone through this?
is she liable for half of the shortfall if house sells for less than is owned to bank?