Hard question...bankruptcy or foreclosure...or what??

[Ashlee B]

I bought a house with my best friend after she got divorced. Within 4 months she got a boyfriend, and 2 months later she moved out and stopped paying on the utilities. She still pays her half of the mortgage but it wasn't enough for me to still be able to live there so I moved back home with my parents. The house has been sitting empty for about 8 months now and we recently found a renter. She gave the possible renter (one of her sisters friends) a key to the house and they have been in there and keep asking when I am going to get my stuff out. I got most of it out, but left a tub in the kitchen to get the dishes, came back and someone had THROWN all my stuff in a box. I do NOT want to rent to these people, if they can be this rude to me now, what makes me think they are going to respect my house. My ex-friend said if they don't move in she isn't paying on the house anymore. What should I do?I dont know if I can handle dealing with her for much longer. Even if we do have the renters move in, I'll be the one that has to do everything because she is probably the laziest person I know. And even with the renters it doesnt cover our payments, were still $200 short. And we tried to sell it but the realtor said we couldnt get what we owed we would have to pay about $18,000 because the market is WAY down in the area.They aren't paying rent, they haven't signed a lease, they cant even afford to put a damage deposit down and SHE agreed to buy the house and pay her portion of the utilities when we got this house together, she renigged when she moved out, not me. I am very good at my finances, I'd just prefer not to go into major debt living in a house depressed by myself when I could move home.

[lremmell64]

I would take your would-be partner to court and have them settle the expenses and splitting of the house.Never buy a house with someone other than a spouse. Even then it could not work out too. But your friend sounds really flakey.Good luck

[bee p]

call a lawyer. it will kill your credit for 7 years plus if you forclose, Same if you file for bankruptcy.

[Kevin M]

Since you no longer live in the home, bankruptcy is probably not a viable option unless you can restructure a payment plan as part of a chapter 13. Your "friend" should be trying to find the best way out of this mess with you. If you are more than 60 days behind on the mortgage then you are probably already in default of your mortgage contract and the lender may be able to foreclose on the property. Another option would be to get your "friend" to agree to a "quit claim deed" where she would relinquish her rights to the property. You could then either find your own renter(s). Or find a room mate and move back in. If none of this works and you find yourself in foreclosure, be prepared to have it negatively impact your credit for the next 7 years or more.

[Larissa D]

I am in a similar situation. Who's name is the mortgage in? If it is in yours you do not have to rent to anyone and can put the house up for sale. You may also want to look in your mortgage papers that you signed you may not be able to rent or your agreement is nulled and if something happens the loss is all on you. I would consider twice and tell your ex friend to get her friends out. If she could leave you after 6 months what is keeping these people A. paying you anything and B. from just moving out whenever they want to. If you rent it is really better to rent to people that you dont know believe it or not they are less likely to screw you in the long run. But I would definitely consider selling the property.