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Should i rent my house out? What would you do in this situation?

I bought my house in November 2007 with my partner, just when the market crashed and now im in negative equity. It didnt matter at the time because we werent going to sell but since, me and my partner have split up and hes totally shirking his responsibilities and has moved out and wont pay anything towards the house.
The mortgage is in joint names and i cant get his name off because since buying the house i got made redundant and went back to university so i have no income and cant have the £115k on my own. He doesnt want the place and i cant sell because i would have to find about £15k and im not taking that debt alone.
The mortgage company transferred the mortgage to interest only (they were really helpful) and using my student loan, bursary and part time job income i can just about make ends meet each month. The only problem is that my mortgage is now linked to Bank Of England base rate and will rocket when that rises, whenever that is, and i definately wont be able to afford it. I have given up on asking my ex for money, (i cant wait for the day he meets someone else and wants to buy a house with them and cant because he is stuck on this mortgage with me!! he has no clue about money or finance or mortgages, i dealt with all that) and my parents have very kindly offered me a room in their house suggesting that i rent my place out. (i would make about £150 a month because the mortgage is so cheap and the mortgage adviser actually said 'if you hadnt come in and told us we wouldnt know about it so lets pretend you never made this appointment' when i went to ask if i could rent it out) Im 28 and havent lived at home for 10 years and im so worried about it!

What would you do? Rent it, live with parents and save the money made to sell it or stay there and struggle? Any advice would be greatly appreciated as im STUCK as to what to do :(

Many, many thanks
I cant rent a room out unfortunately, its only a starter home so has a double bedroom and a tiny second bedroom that you would be pushed to fit a sigle bed and a wardrobe in
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My home's worth 1/2 of my mortgage! Question resubmit with more details.?

I purchased my house in a suburb outside of Detroit in 2004 for $147k which was one of those awesome 105% loans where the concessions paid for my closing costs.

The issues starts where my wife lost her job at the end of the first year of us owning it (causing us to go bankrupt on some credit card debt) but I could still make the house payments on just my income. Since then, gas is 4 to 5 times as much as it was then and of course inflation on food and everything else. So after being a stay at home mom for 4 years since she lost her job, we were behind one mortgage payment and she was forced to go back to work and our two children are now in child care and/or school.

We've already gave up all of our "luxury" stuff with the exception of cell phones and broadband internet. The cell phones though have no data or extra features, just 700 shared family minutes. We don't leave the house except to go to work (an hour away each of us). We eat cheap foods that's caused me to go up 2 pant sizes... We only eat out at McDonald's and we order from the dollar value menu... Our cars are paid off but in order to afford the house while she was looking for a job we had to get a credit card to supplement the income so we have about $5,000 in debt to Discover at 22% APR.

Now back to the house. We haven't made any improvements on it (since we can't afford the house in the first place let alone another loan) and the homes in my area/city are selling now for $70k on a short sale (some of them are bank owned but most of them are short sales). The homes in my area that are selling over $70 (but under $80) have garages and I unfortunately do not have one...

The deal is we would like to stay in this house if we can get Countrywide to agree to a forgiveness of debt since my mortgage is for 6% and I know I wouldn't get approved for that again with my bad credit from the bankruptcy but last we tried to work with them they wanted us to be 2 months behind in our payments before they would talk with me about it (ruining my credit that I've recovered since bankruptcy). So I tried to refinance the house but they would only refinance what the house was worth leaving me with almost 40% negative equity to have to cover out of pocket... I lastly got approved for a mortgage (before my wife was back to work) and found a house I wanted but found that in order for me to move into the new house they wanted me to have my old one sell first to make sure I wasn't renting out the new one since it was so much cheaper than the one that I owned (not in value but in mortgage amount)...

What do I do???
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Am I A Cheap Non Loving Husband?

Hello

First a few details about myself and my wife.
We are both 29 and got married in 2007. We do not have any kids but 2 dogs. We both work. Me full time as a contractor / and landlord. She works part time locally for an airline. I do not believe I am cheap but I do believe I always get a good deal. My wife recently has been going on an on about me being the cheapest man on the planet. Ok so here is my side.

Engagement : When I proposed to her I spent about $10,000 on her engagement ring. I bought the ring in the diamond district NYC and haggled my way down from $19,000 for very high quality. Dealer said I am a very strong negotiator.

Marriage : Then we got married in The Palace in Somerset NJ. Since the hall wasn't open or complete yet I booked 2 years in advance while they were building and paid only $138 per plate it is now over $250 a plate for same night same dates. I paid for the entire wedding spent about 70k. Before we got married I bought a 4 family home for us to live in. Again I explained to my wife that if we bought a nice four family home the tenants can pay our mortgage and we don't need to spend all our money on a house. Previous to the marriage I owned another home and WE currently still own the other home as well. Then in 2008 I bought my wife for valentines day a brand new Honda CRV base model (I would never buy a premium model) and again negotiated aggressively online with the dealer and paid considerably less than what an average person who just walks in the dealer would pay. I own and drive a used 2001 Jeep Cherokee and a 2002 ford van for construction.

I prefer to buy high quality products when they are on sale and can wait for something to go on sale before I buy it. Examples our TV a floor model 50% off, Our living room and bedroom furniture paid about $900 less because it was a discontinued line. I never buy clothes new I usually buy high end brands gently used never stained in local thrift stores. (biggest score a $300+ pair or Armani Exchange jeans for $29.)

We vacation often and because my wife works for the airline we don't pay for flights except taxes. Some places we have gone in the last 2 years. London, Thailand, Hawaii , Texas, Florida, California, Rome, Punta Cana, Santo Domingo. I usually wait until a hotel goes on sale on a deal website and then we book it. I have never paid full price for the hotels and I usually find amazing local restaurants that are not touristy aka not expensive but have amazing food.

So now it is 2011 and here is the situation. We have zero credit card debt, no car payments, a healthy bank account over 100k in bank, healthy 401k, 3 vehicles, (2) 4 Family homes and 2 dogs. We live in 1 of the apartments in 1 of the 4 family homes. It has 2 bedrooms, huge living room. I totally remodeled the kitchen and bath. Huge open basement, backyard, fire pit, pergola, and is situated 1 block from downtown major city in NJ. Very safe neighborhood.We don't plan on having any children. We are just enjoying life.

Now here comes where my wife says I am cheap. This is the complicated part. My wife is starting to complain. HUH! She wants to get rid of her Honda CRV and wants a Nissan 350z. (Because she never had a nice car as a child. I guess she doesn't think the Honda CRV is nice. Sorry Honda I still like your 31mpg city) She keeps on complaining that we need new furniture in bedroom and living room. I already swapped the bed out once just cause the first one I bought didn't have foot boards (Why do we need foot boards and columns we are not Romans.) She doesn't know I bought the new one on Craigslist used. I'll keep that a secret (Score!). Her mother constantly says to me you should buy her a nice little townhouse. She means the type of townhouse that is attached on both sides. I said I own a house already and I only have a tenant to one side and one on top. The mother and my wife both say its not the same "we have an apartment not a house" (Funny cause I pay a mortgage every month not rent.) The townhouses she wants us to get are smaller than our apartment and can't possibly have the yard we have. Her family and her sisters always have new cars every 2 to 3 years. Her Brother has a 2009 Mercedes CLS but works in a Hotel for $14 an hour and mom and dad have to pay the insurance cause he can only afford car payment. Her sisters and mother constantly change out furniture, new clothes, coach bags etc. But they are also all broke massive credit card debt and live check to check. Can someone please tell me or help me.

Am I a Cheap Non Loving Husband because I don't want to get my wife an attached townhouse, or buy her new furniture every few years when ours are still beautiful, or buy her a new sports car and sell her safe suv. Please help me make sense of this. Thanks Yahoo. Hopefully some women can give some insight to this.
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Ho w hard will it be to get a mortgage after a debt management plan?

Hi.

We are just about to start a debt management plan and the company we are with have recommended that if we spread £200 a month between our creditors then it will take 20 years!!

My plan is to move to a smaller, cheaper house and we will save over £150 a month and in 6 months go back to work full time when my youngest is in school. This way it should take us at least half of the time!

We are renting as we sold our house 4 months ago because we didn't want to get repossessed but want to buy again in the future after we have finished or DMP.

How hard will it be to get a fair deal on a mortgage?

Cheers and pls no loan offers xx
We will pay off what we owe before we even consider getting a mortgage so it will be in roughly 10 years but what I wanted to know is, presuming we make all our payments on time, once we finish our DMP, will we be able to get a fair deal on a mortgage?
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In this housing market, should i buy this house? What are the benefits of owning a home?

My boyfriend and I are in agreement on a home-currently pending a mortgage. The problem is our broker told us that because we only pay 650 in rent a month and we dont have to deal with the hassles, that its almost beneficial to stay renting. But on the other hand its beneficial owning your own home because it highers your value. We live in a VERY expensive place, most houses are 300,000 and up so its not like this is going to be a cheap transition and with the market losing value little by little im not sure its the right time to buy.
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Is there a catch in buying homes in forclosure?

My wife and I can't believe that houses can be listed so cheap and still not sell. I understand why they're so cheap, but is there a reason why these homes aren't selling? Some seem pretty nice.

We wouldn't be able to buy a house full price, so we don't want to get our hopes up that we'd be able to make a $400 mortgage instead of a $900 rent payment. What's the deal?
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Selling a house, how do I not lose my shirt with a mortgage?

My husband and I just bought our first house two months ago. The house is a hard sell. It is on the market at least every couple years and everyone in our town knows this. My husband went over my head on the decision. We thought we were getting a deal getting it so cheap from a motivated seller. It is assessed at $254,955 and we paid $251,500. Houses in this area generally sell well over the assessed values. We put the $51,000 down, paid closing on our own and took a 15 year mortgage for $200,000, with 3.52% interest. Our monthly payment is $1,433.72.

Everyone thinks I'm crazy, but there are strange, unexplainable things going on in the house and I want out. So, how do I sell and not lose all my savings I've put into it?
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