Urgent help Required - Mortgage Foreclosure

qwert123 · Joined: 27 Oct 2006 Posts: 1

I am into one of those situations where in i dont know what to do..really expecting a good advice from this forum..here is my situation

I and my partner took a loan for a property in palmcoast , FL. The loan amount is $295,000. I am on a work permit in US and my partner has got a greencard. The monthly payment for loan is 2500$. For the last 3 months I am unemployed and coz of visa issues I had to return to my home country.Currently I am not in USA and dont have a job to support this payment. My partner is also in financial problem but he is having a good job and a nice property in US.
I talked to my partner as there is no way i can support the payments. This is his suggestion.

1) Change the property and loan to my name and take out his name - This involves a closing and I am not sure whether this can be done as I dont have any income.Also I am not in US now

2) Once the loan is transfered to my name ,Check with the bank for a pre closure or file for bankruptcy

I feel this is risky as I will be solely responsible for all the legal actions from the Bank.
Can someone advice whether this is a nice idea whether I should go with what my partner says or not.
What should i do in such a situation.Any suggestions pls.

Thanks in advance
Qwert