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"With that said i have heard of judges ignoring that and throwing people in jail so best talk with or hire a lawyer on this." seems a little off me thinks?

david 174 thanks for insight. That is correct, pre-qualified for loan. so maybe unrealistic to begin with. and since he does not have 300k, to even start the conseratvion of a refinance that is not an option. 1) walk away - bad credit, no home or 2) stay and blow through...

your points are well taken, any advice? the goal really is to reduce monthly mortage payment and find a way to get a fixed loan instead of a floating i.o... keep in mind this are good people stuck in bad situations

he qualified for all 3loans in analysis.

he qualified for all 3loans, without rental income.

scenario: A "friend" bought in 2006 875k, 5% down, first loan 700k 5/1 io 5.875 resets 2011, citi (he has attempted to modify but had no luck!), 2nd loan 121k 7.875 fixed, provident (he offered a discounted payoff, but no luck!). both purchase loans. comps selling for 575k (talega)...

scenario: my friend bought in 2006 875k, 5% down, first loan 700k 5/1 io 5.875 resets 2011 citi (attempted to modify but have had no luck!), 2nd loan 121k 7.875 fixed provident (offered a discounted payoff, but no luck!). both purchase loans. comps selling for 575k (talega)...