All Forum Posts by: Don Levy

You might want to talk to your lender. They are under a lot of pressure to not have any more foreclosures and could offer some help. The chances are pretty slim but you never know.
Even if your partner leaves you still have to make the payments or leave too which will mess up your credit.
Depending on how close to the value your mortgage is you might be able to do a lease with option to purchase. You can get higher than normal rent, a higher purchase price than today's value and an upfront option payment that you can use to help make your payments.Do the option period a year at a time and have an increase each year.
Doing this will turn the property into a rental with tax benefits. Talk to a tax man and see if you wouldn't be close to a breakeven point. With this in mind your partner might decide to stay on and help make the payments.
If you reply give some figures such as value, amount owed and payments.
Good luck with it.
Don

I'm a retired mortgage broker and am currently doing some investing. I'm mostly concentrating on my foreclosure website and doing real estate consulting at the present time.

In the past I've been a land surveyor, a fix & flip investor, an appraiser, a real estate agent and for the past 8 years was a mortgage broker until I retired in 2007.

My real estate career spanned over 40 years so I've seen a lot of changes in the industry and have a lot of knowledge to share.