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I'm just sayin
Colorado is a deficiency state, and if your bank takes a look and sees you went and got another home do you think they are going to be more or less likely to go for that deficiency judgement?
One last thing... if you know you cannot afford both homes, what are you showing the new lender that makes them think you can afford both (since your current mortgage is taken into consideration)?
Keep in mind US inflation is very likely to rise in the next couple years due to the deficit issues and extreme dollar weakness. This alone will likely bring your home back above water relatively soon.
I'd recommend being patient. Make good on your mortgage. Rather suggest taking a smaller share of the home with your friend (your friend would carry more) and that way maybe you can at least have a stake. Then make a deal to even up with your friend once you sell your home and recover costs. This is likely to be possible in two to three years, if you can afford the mean time and if you keep your nerve.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
ABR, SFR, CDPE, LHP
Foreclosure is not a good option.