[maui79]

I have a pay option arm and have received two different loan modifications. I owe 1 million with the loan starting at 954K and have only made the minimum payments which recently recast to $3534.00 per month which includes my escrow account and currently at 3.75%. the first loan modification they sent was for a 5 year fixed interest rate at 4.25% and then would default back into a 30 or 40 variable rate for the remainder of the original term. Also they wanted to add $13,000 in interest fees to my loan and my payment would go up to $4108 per month. I called them and said this does not help me and then they sent me out another mod and it still had the $13,000 added in and it was for a one year fixed at 3.625% and my payment would be $3575 again how does this help me. Seems like they are not even trying to offer what they said they were going to offer, just blowing smoke up you know what....all they want is to get me out of my current Pay option arm. Would like to know what is going on with anyone else in similar situations. I have been staying up to date on my payments but now think I may need to stop making payments, would like some advice here also. I have another property which is structured the same and it was a principal residence the last 2 out 5 years and I am considering short selling that house so that the IRS will not come after me for any forgiven debt, any suggestions?
Thanks!