mortgage advice for my daughter

[mumnosbest]

my daughter bought a house with her boyfriend about 2 months ago, due to his serious anger managment issues they have split up. The mortgage is in her name but she is unable to make the payments, can we change details on the mortgage or sell the house without accruing large bills? What options have? It has 3 bedrooms, so we are able to rent rooms etc. Just have no idea who to turn to for advice?

[Loosehead]

options:
1) let it out for enough to cover the mortgage. This means she can keep the house until perhaps being able to afford it herself. The problem is that if you do it by the book the lender will not play along. If you don't tell them it probably won't matter as long as the mortgage is being paid. Divert the mail in the mean time.
2) Sell the house but that will involve a myriad of fees.
3) Live in it and let the rooms, ok if she can stand having strangers in the house.
The boyfriend may also have a claim even though he isnot actually on the docs.

I'd probably do option 1. no doubt someone will point out that it's fraud yada yada yada. It's very difficult to do things like this by the book, lenders will want too many hoops cleared.

[NiceCupOfTea]

As Loosehead pointed with lots of 'yadda yadda yadda' don't do option 1. The house hasn't been in their name long enough to be able prove it wasn't bought for the sole purpose of renting it out yadda yadda.

I personally would live in it still and rent out the two spare rooms, given the situation you've given us. �4K tax allowance for rent a room. May even decide it's so viable, you'll buy more houses and set up an empire. Good luck!

[WoWo]

You can look in to option 1 but I doubt very much that you would get enough rent to cover the mortgage at the moment.

Option 3 would seem the best solution to me, selling a house right now is not a great option, especailly as she has only had it 2 months.