If you are both on the mortgage, don't expect the mortgagee (lender) to take you off the mortgage. If he wants to assume the full payment that's great, but if he defaults you will suffer the same consequences.

realtor.sailorwhat is the property worth today?

In order to figure if there is any equity, take

current value/sales price
(-) 10% for closing costs and realtor fees
(-) cost to refinance
(=) equity to be split, assuming that both of you put the same amount into the deal at the beginning.

You need to talk with the other guy to see if they want to sell. If not, you are still responsible for your half, even if you don't live there. However, if they rent out your half, you could use your share to offset your costs.Don't do it…seriously…don't do it.

Your first mistake was getting into a 30-year contract with a friend.

The only way out is to refinance, which is going to cost both of you $$$.

He cannot legally take over the mortgage…the bank has your name on the note…and they don't have to take you off and they won't allow him to assume the entire note.Unless your mortgage is assumable (which it is most likely no) your friend cannot take over the mortgage.

He would have to qualify for a mortgage on his own, and the refinance is going to cost him thousands of dollars. (There are NO free refinances, he may not have to pay up front, but there will be costs) There will be considerations as far as what you brought to the purchase and if the value has stayed consistent or has gone up.

So my answer is no, don't expect any money from this.

As an aside, I think it is unwise to move in with a girlfriend and lose whatever money you have put into this purchase.

 

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