| Need help figuring out my options
Purchased my first home in 2003, have not ever missed a payment or been late. Home has been worth as much as 300k but is now worth 130k and I have a 5 year arm type mortgage that will reset in 2010 for 220k. I have spoken with my mortgage holder (Aurora) and they were decidedly unhelpful. According to them I qualify for nothing, no refi and no modification. "Bring 90k to closing and we will refinance you" is what they told me. Me and my wife together barely break 70k/yr gross.
We like our home and have a steady if somewhat small income but are in Sarasota FL where property values are still going down. We have considered the following options so far:
1 stop paying our mortgage and see if they start taking us seriously. We do not like the idea of trashing our good credit though.
2 try to sell whatever we can and raise enough money to squeak into a distressed home that needs work and walk away from home #1. Also wrecks our credit and am not sure on the legal ramifications of this idea.
We even told Aurora that we just wanted our current mortgage converted to 30 year fixed with a decent interest rate, they don't even need to lower the amount owed, they won't do it.
Frankly we are stumped, the American dream is turning into a nightmare. I am new here and am still doing a lot of reading but would love to hear from you guys on what is it that I can do, I wrote letters to Obama, Buchanan, and Crist a few weeks ago but am not holding my breath for responses.
Matt
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