Friend of mine bought a condo in Vegas (at the height of the bubble) on an ARM with his girlfriend. They are unmarried and both names are on the mortgage.
Long story short, they break up, the bubble bursts, ARM kicks in, and about 30% of the units in their condo have been repossessed. Girlfriend declares bankruptcy and moves out. Apparently once she declared my friend is on the hook for the whole thing.
2 lawyers have both told him his only option is to declare bankruptcy. I am hoping there is some other option.
Thoughts?