Why not just wait until your sell your townhome?
You're best bet would be talking to an accountant or if seek legal 'expert' advice, chat with an attorney.
Beyond the ethical issues, you will hurt your credit for years to come, which could lead to higher rates on other loans and credit cards. Plus, you really need to speak to a tax advisor regarding how the tax credit works in your situation.
Congratulations on your upcoming marriage, but at the same time do the right thing and own up to your financial obligations.
Send me a link to the property you have listed. I grew up in Eagan and work the south metro, I may have some buyers at some point down the road or least be aware of the property.
Best of luck.
My contact info can be found in my profile information.
Yeah im just looking at my options here. I talked to a realtor and he mentioned that it could be an option. I personally dont like the idea of it, but i figure i'd do some research. My stepmom is a mortgage broker and im sure she'll say 'no way' and i emailed my brother inlaw who's a CPA to see what he thinks, but overall im just trying to find a way to get outta my townhome asap. I havent completely put it on the market yet, but am planning on doing it soon. I have it up on craigslist, zillow, etc as a FSBO, but i have only gotten one email showing interest. The problem with my townhome is that when i bought it in 2006 i paid quite a bit more than what its worth now, and between then and now the townhome association seems to have taken a turn for the worse. Poor tenants, foreclosures, association not taking care of things, etc. I just want to get outta there and am trying to figure out a good way to do it. I can take about a 10-15% hit on if i was able to sell it, but i would lose almost all of my savings. On top of that, my association doesnt allow for renters, so i cant just rent it out. Any other ideas would be greatly appreciated. It really sucks because i have never missed a payment and have done a lot of upgrades to the place, but i have a fear that it just wont sell. Im doing all the right things and i might be stuck!