[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 I can't pay 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 2nd condo purchased 18 months ago that i'm upside down on or modify the loan so I can make both payments. Could I modify my loan even though my income hasn't changed? How about a short sale? 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 for the full amount is impossible. I was even considering the option of trying to get a short sale approved and selling it to another family member who would carry the loan in his name and he would buy it and I would just continue to pay the mortgage and stay where I'm at. 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, but now I must pay BOTH mortgages??? My lender is Chase and I have a pretty good credit rating which allowed me to purchase the 2nd home.

[cdloanmod]

Hi,

I can only suggest you to concern loan modification Expert.

[Royal]

It could work as long as your family member does NOT have the same last name as you.