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dmcahale · Joined: 24 Oct 2009 Posts: 1 1.38 Dollars($)

I, along with 4 other friends bought a single family home in Kissimmee, FL. in 2005. We paid $292K for the home. We owe $218K on the house currently. We would like to sell or somehow get rid of this house. The market in our area does not support a sale of $218K+. My problem is the mortgage is in my name while the deed to the house is being held in our corp. name (S Corp). What are my options? Could I go with a Deed in Lieu? Since this is an investment property I am sure loan modification will not help. If we try to go bankrupt, how will this effect me personally? I have no issues paying my own mortgage and have some money in the bank.
To top things off, one of the partners is going through a nasty divorce. The house is being used as a short term rental property. Thanks.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

The best option is if the bank is ready for deed in lieu, then go for it

It may reduce yoru credit score, but you are not laible for the deficient amount

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Second house bankruptcy