Escaping an Upside down mortgage?

I was wondering if this could be a solution to my Fiancee’s debit crisis. Soon to be my debit crisis.

My fiancee bought a home in southern california 3 years ago. He got in on an interest only zero down loan. He paid $ 389,000 now that the market has dropped and there are forclosures all over our neighborhood our home is worth maybe half that. We already narrowly refinanced into another interest only loan because the first one adjusted. Anyways long story short we are paying a huge mortgage and huge taxes on something we really cant afford..

Is this an answer?… What if I were to buy a home in my name with the current market prices, and he let his forclose. If I did this would I have to do it before we are married or could it happen sometime after? Pros cons? Id love to hear them.

Thanks!

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