Posted on: 11th Aug, 2010 03:58 pm
I own a condo in California. The condo is not my primary residence. I was engaged and my fiancee and I refinanced the condo and my fiancee is a co-borrower/co-owner of the condo. We have now split and he has placed a lien on his portion of the condo. I can no longer afford the payments, and would like to sell the property. The property is worth about 50k less than we owe on it. If the bank agrees to a short sale and forgives the difference, what happens with the lien? How can this monkey up the process?
He's going to have to chill, it appears. No equity is no equity. If you were foreclosed, he'd lose; you're doing the best thing to stave off a foreclosure, and you're still going to lose out yourself, and he'll just have to be happy that he once had some equity in the property, even if it's long gone now.