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My wife bought a townhouse in 2006 (several years before we were married). She paid $160,000 and they are now selling for ~ $85,000 (we owe $120,000). My name is not on the title, mortgage, or anything – the place is only under her name. We both make very good money and can definitely afford the home, but we really need to move (starting a family, closer to work, etc.). We're thinking about walking away from the home, but want to make sure that only her credit will be affected and not mine (this way we can still buy another place only under my name). Besides that, we're at a loss for what to do. We can't rent out the home due to association rules and we can't afford to sell the place at such a huge loss and still buy another.
Any suggestions / options would be helpful.
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I would talk with the association and see what they can do. I'm sure in this market yours is not the only unit in trouble. I know the rules are the rules, but they may have modified them or are going to modify them given the current conditions. The more units not paying dues becomes a drain on the other members so it's worth talking with them. The other option, put a family member (is best)on title that could live there. Have it in a trust and any sale controlled by the administrator (your wife) so there is no issue with a family member when you do want to sell. This is an idea, but I would run this by an attorney before you do anything.
Have you spoke with the lender? I would recommend that to be your first step.
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