Have you considered a Reverse Mortgage?
You'll need to have some equity and everyone on title must be at least 62 years of age to qualify. I recommend you call a Realtor to complete a market analysis to see if you have equity to pursue a Reverse Mortgage. The County FMV isn't a reliable source to determine value but I would be happy to help with no obligation and no fee on your part. I specialize in the 97222 area and own property in the Hector Campbell district.
If you don't have equity you can talk to your lender to see if you qualify for a HARP refinance which may lower your payments. You can check out this website for more info on HARP: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
THE WORST THING YOU CAN DO RIGHT NOW is to avoid your lender. Call them and let them know what's going on and see if they can help especially if you are behind on payments. I've seen some AMESOME loan modifications that have helped keep people on their feet and in their homes!
We are in a great SELLER's market because there are so few homes on the market. You might be AMAZED at all your options but first: let's see what the value of your home "truly" is!
Monamarie McCreary, SFR
M&M Real Estate Solutions, Inc - YOUR WAY HOME!