Upsidedown mortgage in california, need to refi--foreclosure the only option?

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i bought a condo two yrs ago with subprime credit, interest only loan. i counted on improving my credit score and refinancing before ARM expired. my score is now 720, but condos in my complex and neighborhood have depreciated and keep declining. i owe 190,000; recent comps are $90,000 - $130,000. County officially devalued the property and reduced tax. Spoke to my lender--said they can't do anything. I could rent the property for less than half the mortgage payment, not counting HOA dues, insurance, etc. ARM % doubles in one year, but everyone expects forecolsures from subprimes to increase, more condos on market, lower prices. I've contacted 2 different 'programs' advertising help for my situation, both said nothing I can do. Historically these properties took 12yrs to recover from last price drop. i retire in 6 yrs, need to break even on sale by then, or foreclose. What should i do now? Any options--or hope of quick recovery?

Upsidedown mortgage in california, need to refi--foreclosure the only option?

What an awful loan program. I would keep pressuring your lender. Threaten to go to the attorney general and to the media if they do not work to help you out of your predatory loan. You would be surprised what they are able to do in terms of calling in favors.

Call your lender. Tell them that you fully intend to go into foreclosure without them getting another penny if they cannot help you out. The only way you are going to get anything done is to play hardball. These people conspired to screw you over. Treat them like the pigs they are.

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Upsidedown mortgage in california, need to refi--foreclosure the only option?

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