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    dmb8183's Avatar
    dmb8183 Posts: 1, Reputation: 1
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    #1

    May 29, 2009, 11:25 PM
    Co-owned Condo Renting Dilemma
    My buddy and I bought a condo a few years back as opposed to renting, thinking it would be a good investment. Last year, I moved in with my girlfriend to another house, but still paid my half of the mortgage, while he lived there by himself. I have since moved back to the condo by myself, and he wants to move out with his girlfriend. However, he cannot afford to pay two mortgages, so he wants to sublet his "half" of the condo to pay his half of the mortgage, meaning he wants to stick me with a stranger. I told him he cannot do this, because we are both on the mortgage, and we would both have to agree to to do this, and I am not willing to have a stranger living in my home. Who is right??

    THANKS!!
    justcurious55's Avatar
    justcurious55 Posts: 4,360, Reputation: 790
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    #2

    May 30, 2009, 01:40 AM

    What if you compromise sort of. Like, he sublets it but you decide who he sublets it to. Personally, if I were in your shoes, I'd rather have a stranger than be stuck with an entire mortgage. You can't really stop your friend from moving out. And trying to make him continue paying a mortgage he can no longer afford could drive a real wedge in the friendship.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 30, 2009, 05:02 AM

    Tough call, reason why joint owned and lived in properties seldom work long term.

    Sounds like it is time for you to buy him out.

    He can of course just move out and never pay anything, you will be forced to pay or ruin your credit.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    May 30, 2009, 05:52 AM

    If this is joint ownership, unless there is an agreement about subletting, you have little say in the matter. It would be courteous of him to allow you to interview potential sublets, but not required.

    You could, of course, buy him out (at current market value).
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