[payroll1]

My husband purchased a new property in his own name in December 2007.. He has a 100% mortgage on property and is now finding keeping up the payment's very difficult. We have a joint mortgage on a second property with a small mortgage. We are in our late 50's.

Can he give the lender back the property and if they can't sell it for what he paid for it due to the credit crunch would they make him sell the other joint names property to make up the difference.

[tickle]

He can't just give a property back to the lender. He has to put it up for sale and satisfy the mortgage that way.

[ScottGem]

There are a number of options. Some lenders will accept a deed in lieu of foreclosure. But its rare.

If he does that, most likely the ledner will sell it at auction then come after him for the shortfall. While is unlikely this will affect your primary residence, it could be catastrophic to your credit.