Asked by Susie, Estero, FL • Sat Feb 21, 2009
I bought a home as TIC in FL with my boyfriend about 2 years ago for $187,000. Our mortgage pmt is $1,500/mo including taxes and ins. We have always paid on time, but we are expecting that he will be laid off in the next 3 months. House is now worth $155K according to Zillow but I estimate that we could get about $140K right now. He wants to quit paying on house so that he can pay off truck ($9K) before job loss. He has about $8K, and I have about $20K plus two other pieces of land. He wants to live in the house and save the $20K that we would've been paying to the lender. I don't want to ruin my credit; we both have about 750-800 credit scores. Currently we make $80K/year so no loan mod.
Could he assume loan? Is this common? He couldn't refinance without my name because house isn't worth what we owe. If we could get my name off and foreclose, I could keep my credit and have about $40K to put down on the house to buy it back. Bank might sell for about $100K if foreclosed.
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