Partner can no longer make mortgage payments – my name is on mortgage.?
Ok. I went into an agreement with a partner (not knowing how sh***y an economy can get), where she put up the money for a down payment on a house, and would continue to have the monthly payment made, but my name is on the title and loans. Well, the economy is bad now, and people are renting places a lot cheaper, and now the mortgage I have is unaffordable – not to mention its valued at almost a $ 100k less than what we bought it for. People are renting the type of place we have for $ 400-$ 500 cheaper than what our payment is. Sooooo, she wants to let it go, to avoid the out of pocket expense each month.
My question is, what should I do? This would affect my credit, which I definitely dont want to happen. I’ve heard refinancing is hard to do right now, especially since we still owe a lot on the property. I’ve read that loan mods seems to be an option.. Is there an easy way to transfer the mortgages into her name so she could would suffer the repercussions? Or should I just write this one off as a huge deficit?
Thanks in advance to all that reply.
I meant to mention that the property is based in Las Vegas Nevada, if that helps. Thanks again.