Walk away or stay and hope for the best!!

[Anonymous]

Hello,

I have never been on this forum but I guess I am searching for any help/hope regarding my current situation.  Me and my husband have fallen into the subprime crap that millions of Americans have too. Our mortgage currently went from $1700 per month to $1879 and that is just the first mortgage.  We also have a second mortgage that is fixed at 9.75% at 600 per month.

We attempted to refinance last month and found out that our home is worth substantially less than the mortgage.  This was much to our surprise.  We are unable to find anyone to refinance the home since there is no equity and we are unable to come up with the $40K difference. 

Are there any programs out there?  We are scheduled to adjust again on Sept 1 and we will eventually find ourselves in foreclosure, unable to afford the home.

Thanks

[Anonymous]

I am assuming you are current on your payments, if so, you sound like you may qualify for the Making Home Affordable mortgage program put out by the Obama administration.  Go to the following website to see if you qualify but you should be able to refinance or modify the terms of your loan if you fall within certain criteria. 

http://www.financialstability.gov/makinghomeaffordable/

[Anonymous]

thank you so much, I went online and filled out the questionnaire. I will keep you posted if it works.