Advice needed

[Accord_tunerx]

alright i invested about 10gs into a house with a bunch of friends close friends anyways i want to move out

i been paying about close to 6months worth of mortgage at 1200

what would be reasonable number that i would Received back if i choose to move out?

[barmanjay]

need to know more about your situation

is there anything on legal document?

[Accord_tunerx]

pmd

[Xtrema]

IMO, you'll be lucky if they're just giving you 10G.

[Melinda]

What kind of house did you guys buy that you needed to pay $1200 a month while sharing expenses with "a bunch of guys"? Bejeebus.

Were you smart enough to get your name on the land title or mortgage? Are you leaving on good terms? Do you expect these guys to find 10,000+ dollars immediately and pony up the cash? Your situation is pretty vague.

[Accord_tunerx]

no its 1200 each! ok haha yes my name is on the land title and mortgage..i am leaving on good terms...no i dont expect them to pay me right away...i am just curious aobut my options

[jmc]

Tell your friend your intentions, and ask when them when it'll be a good time to go visit your lawyer. Get the stuff signed, etc.

[Melinda]

Originally posted by Accord_tunerx
no its 1200 each! ok haha yes my name is on the land title and mortgage..i am leaving on good terms...no i dont expect them to pay me right away...i am just curious aobut my options
That's what I meant. Seriously, what kind of house did you get yourself into where your share of the mortgage payment amoungst a "bunch" of buddies is $1200 a month? That's insane!

As for your options, you have to talk to your friends. You can't keep them in the dark for too long, since they are the ones who will have to work with you to figure out a payment plan and judging by the high payments, will need to find a roomate (or two) to shoulder the costs you're leaving behind. And then I might suggest a lawyer. They'd be able to tell you if the house has appreciated or depreciated since you bought/built and what you're entitled to. He/she will also be able to help you guys figure out a way to get it paid out to you.

[canuckcarguy]

If you've only been in it for 6 months, you're likely out some money - your equity has likely gone down in this market, so your friends might actually not have to pay you much, if anything. Plus, if they had to sell the house and pay a realtor, that would also eat into some of the money. And if the mortgage is high ratio (insured by CMHC) you might be on the hook for the mortgage even after you leave if they default...

Let this be a lesson to you, kids, write out your terms before you enter into this type of deal...

Could get messy.