A friend and I purchased a home together in November of 2004. Earlier this year, he moved out, leaving me with the mortgage and all subsequent responsibilities. To date, we have not taken the step to sign a POA, Quick Deed or the like. My/our home is now in foreclosure. I have been in contact with the loan servicing company (First Franklin Loan Services), and am awaiting a decision on a hardship/payment modification. The loan servicing company has informed me that the "hardship" that they would be offering me would not be a refi or loan modification, but only a temporary plan for 2 - 5 years; in hopes that I will be able to refi in the future with another company or sell the home. The loan servicing company is waiting on some escrow paperwork before they can give me a concrete figure. Otherwise, the sell date (for public auction) is set for 1/5/10.

If I am not able to afford the new monthly payment, I am considering a Deed in Lieu of Foreclosure...or perhaps a Quick/Short Sale. To do either of these, I will need the other home owner to be present to sign the (legal) documents. Recently, I have become aware that the other home owner may be using/dealing illegal narcotics. I now feel like I need to act quickly and have some type of legal document drafted that would allow me full control over the decisions involved with our property - something that would allow me to sell, quick sale, or sign foreclosure documents if the other owner were unreachable or incarcerated. If he would be unwilling to grant me POA, I am fairly certain that he would grant such trust to one of his parents (who I still have a good relationship with).

I hope that I have given you a decent overview to understand my situation; and I appreciate you taking the time to read and offer any insight into my situation.

Best regards,

Chris