Joint tenancy co-owner refuses to sell

[crash1036]

I'm from IL and purchased a condo with my ex-fiancee in joint tenancy. He has paid all of the expenses including down pymt, closing costs, etc. Last week he was in an accident which will prevent him from working for at least 4 months and had no med ins, disability ins. I want to get my name off of the deed and the mortgage. The mortgage co. will not release me from the mortage unless the place is sold and they receive their money. He refuses to sell and cannot get a loan for the balance of the mortgage on his own due to lack of income and poor credit. I do not have the income to pay the mortgage and have no savings. Someone told me that Bankruptcy may be my only option. I was told that If I file BK they would force the sale of the condo..which would be quicker and less expensive than trying to take him to court to force the sale of the property. Is this true? Do I have ANY other options? I am still in college and barely make enough money to make the minimum payments on my other debts.

Thank you for your time and advice.

 

[HomeGuru]

That someone gave you bad advice. You have several options including filing a partition suit, deed-in-lieu of foreclosure, short sale etc. Filing BK is not a good idea. Read some of the posts on the BK board; horror stories. In addition, once you file BK, it will appear on your credit report for up to 10 years. Also, the BK Trustee will charge you for all expenses incured with selling the property (thousands of $$$) and if the property sells for less than the mortgage balance, the lender will go after all mortgagors for the difference.
Hire an attorney to help you review your options.