hello, i have a condo with a first mortgage with citi. There is no second mortgage. The note is aprox $200,000 and the comp sales have been around the 135k area. We are current on the note. I have several questions I need some advice on:
1. I am partners on the note and my partner because of the economy is closing her business. She will have no income. I don't know what to do. I could use my savings to pay the mortage for both of us or miss the payments and try to qualify for a shortsale. Should I fall behind on the payments?
2. I am afraid to fall behind on the payments and then not qualify for the short sale. I currently have assets in a brokerage account which everyone I speak to says I won't qualify. The problem is that my Partner is losing her income and my income is down from previous years. BUT i do have assets. Should i still try to qualify even though I have assets. Could CITI still approve the short sale or is it not realistic.
3. Should we attempt a shortsale without being behind on our payments?
4. I own the property in Florida. If citi approved my shortsale would they put a lien on my personal assets?
5. Has anyone done a short sale for a property where there were two people on the note?
I would appreciate any advice you could give. Thanks