Getting out of a mortgage with a friend

Yellow1

Hi guys

I bought an apartment with my friend (of over 20 years) about 3 years ago (unfortunately at the peak of property prices just before the bubble burst). Now I know hindsight is a great thing and we should never have done it but at the time it seemed like the best thing to do ("renting is throwing money down the drain" and "you'll get your foot on the property ladder" and "you can always sell it in a couple of years if things don't work out" were the phrases that come to mind). Anyway we ended up going for it and we both regret it terribly as it turns out we weren't compatible living together and also we both want to move on now which isn't possible given the whole negative equity/country gone down the pan situation Its not really feasible for us to rent out the whole place for financial reasons (we'd lose our tracker and mortgage interest relief for a start)
My question is: Is it possible for one person to "buy" the other one out of the mortgage while we're in about 100k of negative equity? I know this could possibly mean the one getting out of the mortgage has to pay the person staying about €50k which would be mad? Is there any other way??
Any help would be greatly appreciated

edanto

Welcome to boards! Pity about the situation you find yourself in, and I hope you find some helpful advice here from people.

Probably a better idea to ask this questions in the Consumer Issues forum over at http://boards.ie/vbulletin/forumdisplay.php?f=580 where you might even find similar discussions. Perhaps a mod from this forum will move it over for you. Good luck.

Yellow1

Oops, I had a feeling I had posted that on the wrong forum! Thanks for letting me know, I'll try that