Lost home, still paying two credit card debts..

[NODefault]

hi,

I lost my home in July 2009 to a foreclosure by Wells Fargo. They didnt budge and we had to walk away.

I have two credit cards debts I am currently paying and has been tough keeping up with the payments. Incurred the debts in keeping up with the mortgage payments.

My credit history and score is messed up due to the foreclosure. One of the credit card companies has jacked up the interest rate from 1.99 % to 17.99 %. I will never be able to pay up the loan at these interest rates. I tried hard to reason with them but fell on deaf years. They tried to convince me that the APR was good for only 12 months and the offer has expired. Since my credit profile is very bad, they didnt want to make any changes to the APR.

what are my options

Can I stop making the payments to the credit cards and if I do so what are the implications ?

Will they sue me ?

Will they transfer it to collection ?

will they garnish my wages ?

Can I have a better chance at negotiating with the bank or with the collection agency ?

If the bank or collection agency negotiates what type of %age should I expect ?

Do I need to consult an attorney or hire a Debt Consultation firm ?

Your inputs are greatly appreciated...