My son bought a house and had a roommate who was also buying this house.although his name is not on any papers because of his poor credit, he has since moved out and my son is going to have trouble making the payments but the mortgage co. says they can't help until he is late on a payment is there anything he can do?He would like to keep it and selling is not an option as the housing market is in the toilet now.

I would advise your son to start looking for a new roommate... have him sign a lease with them. Otherwise he runs the risk of his credit score going bad.

Did your son and the other guy have any sort of written agreement between the two of them? If they had a formal agreement he could take the guy to court. I mean, he could take him to court anyway, but without some hard evidence to back him up there's no point.

Like the previous poster suggested, find a new room mate. In the mean time, get another job to fill in the gap. I mean, McDonalds is always hiring, and if your son is in a financial position to buy a house hopefully he has skills or education that would enable him to find something better paying than that. Sell stuff he rarely/never uses on eBay, Heck, sell his good stuff that he DOES use on eBay. A house that's solely in his name is certainly worth busting his hump to keep, in my opinion, and letting his credit get ruined because he can't afford the whole payment himself will follow him for a long time.

Personally, I see this to your son's advantage.

Another possibility is renting out the whole thing for enough to cover all of his monthly costs and finding another place to live himself...

Hope that helps.

Karla in TX

Sounds like time to either rent a room out, or just rent the entire house out if he can get enough rent to make all the mortgage, taxes and insu