[Frankie1]

I live in CA and purchased a condo about 18 months ago for $340 and can no longer pay the mortgage. The reason why is because I also own a 2bd condo that a family member is living in and was recently laid off so I now must pay both mortgages and as a result would like to either let go of the condo I recently purchased or do some type of loan modification to save some money. Another owner in my complex tried to short sale his and had it on the market for several months at $205, but never sold the unit so selling is probably not an option or at least selling for the amount of the loan. Since my income hasn't changed would it be difficult to modify my loan or do some type of short sale? I was even considering the option of trying to get a short sale approved and selling it to another family member so once it goes on the market he would buy it and I would just continue to pay the mortgage that's in his name. This would basically allow me to pay both mortgages as I would be paying for the condo at $200k instead of $340k. Would this work and how hard is it to get approved for a short sale if my income hasn't changed? My lender is Chase and I have a pretty good credit rating.