Hey,
I currently have a joint mortgage with a friend of mine for the last 2 years. He lost his job awhile ago and has decided that he no longer has the money to pay mortgage and would rather the bank repossess the house. I have told him that he can apply for mortgage relief and that we could apply for a 6 month break etc but he is having none of it. He basically wants out and even though it is affecting my credit history, he doesn't seem to care.
I have since started paying the full mortgage and intend to rent out the house and pay the rest myself. He no longer lives in the house and he said that he will remove his name etc from the deeds if I want him too.
My problem is that I do not earn enough to buy him out. I am happy to pay full mortgage, as I dont see any other option, but it annoys me to know that if I want to sell in 5 years, that he can come back to me after not paying it and demand any profit that he may be entitled too...
Can I do anything about this?
I currently have a joint mortgage with a friend of mine for the last 2 years. He lost his job awhile ago and has decided that he no longer has the money to pay mortgage and would rather the bank repossess the house. I have told him that he can apply for mortgage relief and that we could apply for a 6 month break etc but he is having none of it. He basically wants out and even though it is affecting my credit history, he doesn't seem to care.
I have since started paying the full mortgage and intend to rent out the house and pay the rest myself. He no longer lives in the house and he said that he will remove his name etc from the deeds if I want him too.
My problem is that I do not earn enough to buy him out. I am happy to pay full mortgage, as I dont see any other option, but it annoys me to know that if I want to sell in 5 years, that he can come back to me after not paying it and demand any profit that he may be entitled too...
Can I do anything about this?