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Lewis Said:

Southern California residents who work for a mortgage company?

We Answered:

Yes, both my daughter and a friend's daughter work in mortgage lending. They have both experienced major downsizing because of the problems with the sub-prime loans. Both these ladies are in L.A/San Bernardino area. It's all over the country, too.

Marilyn Said:

Is there any assistance for my underwater mortgage in California?

We Answered:

Most people offering advice only go by what they read. When you're the one who is actually trying to go through the process it is quite different. I have associates who are doing what your friend is doing and at the end of the day, each one must look themselves in the mirror. More than likely you have a Freddie or Fannie, but you're right, if you owe more than the 105 or 110% value, there's not much you will be able to do; good credit or not. Your story emulates ours and many others. We are planning to move into our new home soon but in our case rather than eat such a huge loss, we will rent the house out until the market improves.
No one knows what tomorrow holds, so just do the best that you can. Good luck.