Las Vegas property unable to pay

[lostnlasvegas]

My ex and I bought a condo in 2006 in Las Vegas for $181,900. At that time, we put over $37,000 down. We had been able to pay the mortgage payment easily up until our split in early 2008. He continued to live in the property up until approximately October 2008 when he moved in with his girlfriend. I in the mean time moved into an apartment with my boyfriend and married in August 2008. I have just found out that my ex will refuse to pay the mortgage payment any longer as he is now paying his girlfriend's rent on her home and is taking care of her child. I am currently paying my rent etc. as my husband has been laid on and off of jobs since we have been together. I cannot make the mortgage payment along with the rental payments on our apartment and my car payment and other obligations.

 

I believe that together my ex and I who are on the note for the mortgage make too much for a loan modification. Our property is now worth only about 1/2 of what we owe. We are now trying to figure out what options we have as far as the mortgaged property. Would we be better off letting the property go into foreclosure or pursuing a deed in lieu of foreclosure? Is there a better way to go about this without ruining our credit in the long run? The payment isn't even 30 days late yet however neither of us have the means to make the payment again this month on top of our obligations.

[creditretard]

You do have some options as far as the mortgage goes on this property. There are a lot of variables though. If a good case can be made as to you being insolvent, you have a very good shot at a modification.

 

 

 

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