How do I refinance or get out of an upside down home loan?

[Tamara M]

I live in Calif. where the market has crashed. I bought a home a little over a year ago, when the market was high. A fast talking broker convinced a group of us to take all the equity out of our current homes and buy new ones, to have money for retirement. Now I might lose both. I know, stupid. Help?

[CreditAlignment.com]

Well if you have two houses, then you will have to sell one of them! The only way to refinance is to apply for a loan, and hope that the appraised value is higher then when you first got the loan. You should know this within 15days of applying.

[tim2honorgod]

Get ahold of your loan company and see if they have a plan to help people in your situation. I am in CA too, and my company is working with me to keep the mortgage reasonable. They don't want your house. The do want your money. So, if you contact them, they may be able to help.

[jenel c]

Try to sell one fast or refinance into an interest only loan till it sells.Hard market to invest in right now. I would also ask an finical adviser on what would be the best way to come out even.