Nobody seems to want to help you if you have done whatever you can to keep up with your payments & your not behind, but you know that you have
exasperated all your options and inevitably will have no other options. You can't afford to pay anything else like lawyer fees, ext. fees ect. & you fear the only option is foreclosure. What happens to you & what are you obligated to if foreclosure happens? If the bank sells the house less than what you owe (which is most likely right now), where do you stand? Me particularly have taken other loans to try and cover my high interest rate & all I get is you are upside down & we can't help you. Not being pepared for an economy down turn really stinks, but everything leading to the buy didn't seem like this would be an issue because you thought you could refinance at a lower interest rate. I am scared if I lose my house how this effects what I do in the future as well as what I will be obligated to. I say this especially since when the house was purchased, I put a lot of money into the house for repairs & upgrades that I took additional loans for. Please advise.
Have you contacted your lender and asked for a loan mod yet? They may work with you to lower the payment.
If that doesnt work you can sell short and at least minimize the damages caused by a foreclosure.
Finding a good agent and attempting to do a short sale, Chio, is the best advice I can offer. Avoid foreclosure if at all possible since this will likely affect your credit standing for many years to come. As far as what you may owe if any of this transpires, President Bush signed HR 3648 in 2007 (link below) that, at minimum, should keep you from owing taxes on the shortfall amount. No consolation, but many folks are in your situation, and that includes many real estate agents and brokers I know. Best of luck!
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