[Chris&Steph]

I purchased my home 3 years ago in central Virginia for 216,000. We chose a (Combo Loan?) 1st and 2nd mortgage. Our 1st mortgage is for 75% of the loan (162,000) and at a rate of 6.125%, our 2nd mortage is for 25% of the loan (54,000) and at the rate of 8.875%. After living here for 3 years we currently owe about 209,000. I have made every payment on time, and have not paid any principal, just the house payment. I recently got a real estate assesment from my county saying the property/house is worth $166,600. We have tried to refinance but nobody will because we are so upside down in this mortgage. - Im good for the money, i just want a lower rate!!!!!! - It really makes me made that another young couple moved into a house across from us that was 1000 SF bigger than ours , 16,000 dollars less than ours, got a 8000 tax credit and a interest rate of 5%. I guess my worry is that if i stay here and keep paying on this house, if in 5 years i go to put it up for sale what if i can only get what i paid for this place, or perhaps less? Ive also put at least $10,000 in this house in the last 3 years. New kitchen floor, landscaping, interior paint, all light fixtures upgraded and the list goes on. Im not sure what to do, would it be better to toss the keys to the bank and walk or just keep paying and "hope" the house will go back up in value.Thank you both for your answers, im not having a hard time making my payments. In the end i doubt i will walk away from the house, but im doing some reading up on the idea and all.

[TheCAG]

You may want to get a bit more education on your options before you walk away. I know this is frustrating and you want to give up because you think there is no end in sight. I promise you that NO does not mean NO! The consumer Advocacy Group prides themselevs on keeping the homeowner in the home and fighting the housing crisis. We over free education in various ways! We may even be able to provide assistance. We are one of the only Not for Profit organizations in the country working directly with lenders and borrowers to renegotiate the terms of your exsiting loan. We have been around for 8 years now. Want more information check out our site consumersforchange .org or consumeradgroup .com you can even contact me directly at 702-478-5369 ex 208 or dhoffman@consumeradgroup .com we are able to help people all over the country