Nevada | Business Law
Legal Question
My partner and I bought a condo as tenants in common. The property is now underwater, so my partner wants to stop paying and let it go into foreclosure. Between the two of us, we can still afford to pay the mortgage. She has a good job, but she said if the bank goes after us on the deficiency judgment, she will file for bankruptcy. We owe 86K on the condo, and it's current value is only 37K. We tried a short sale but the bank wanted us to pay the balance of the loan. My partner refused. I do not want to foreclose because I know it will ruin my credit, and the lender can still come after us anyway on the deficiency. In addition, the HOA can also come after us on unpaid dues. I plan to continue paying the mortgage if I can't find a renter though it will be really, really difficult because I am also paying for my primary home. What can I do to make my partner pay her 50% of the mortgage and expenses (utility bills, HOA, taxes, insurance, etc.) so the loan does not go into default?
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