[sl]

lock-in your adjustable rate mortgage? APR to hit in October, could raise interest rate from 9.75% to 12-15% interest, then every 6 months re-adjust per the LIBOR. Making my payments each month yet that will not be possible over the long run with that high of an interest rate. Contacted the banks litigation department to do something ahead of time (havent been late yet)- they said they can not help me lock in my interest rate. Yes, bad credit now with divorce two years ago. Should I just stop making payments and cut my losses now? The house is not even worth what it was two years ago- thought about selling but wouldn't get what I owe, value dropped significantly. Not sure what to do.

[teaching98]

Man, I know this feeling all too well...if you owe more than the house is worth then you can't get refinanced...BUT if you owe less than you can get the house appraised for then you can get the house refinanced at a fixed rate...which is pretty high right now, but much lower than 12-15 percent.

If there is nothing that can be done with refinancing or anything, then foreclosure despite the devastating hit to your credit, may help. However, I have heard cases of people still owing money after foreclosure so if you have to go this route, make sure to go to those 'free first visit' lawyers to make sure you aren't going to owe 20 k on top of the foreclosure.