I need......help.Is Loan Mod. the answer?

[Mike]

Well were can I begin? I hope this post is as theraputic for me as it seems to be for so many. My process began a little over a year ago when I purchased my first home. I knew I needed to have a place for my fiance,new born daughter:D and myself.I realize now that I may have rushed the process and trusted individuals whom only had there best interest in mind.My first bad move was getting the mortgage broker and attorney on refferal from the real estate broker, which was the sellers broker. I was told that with my credit and income(720 fico & $125kcombined) that I can qualify for an option arm(how gracious were they). It would benefical to me because the property I was buying is in an area that is appreciating like NYC and I can make these low payments when I felt I needed to scale back because of the unforeseen expense of having a newborn.This would allow me to save money and then have no issue refinancing in a year to take the equity and purchase an investment home because the appreciation is exceeding the market. Long story short, the apprasial of the property was inflated(410k) to give me the impression that I was purchasing a home with built in equity.I in turn put 10%down and over $20k in renovations and sweat equity.Today's value as of 4/08($390k independent apprasial of the real estate TEAM):mad:. I am not currently behind on the payments, because I have used the lower payment(deffered) and the interest only to stay afloat, but I am threading water and will be in the dog house soon. The loan was first originated by GMAC and they sold it to Aurora Loan Services. When the loan was with GMAC, I reached out to them when I realized the trouble I can be in. I got no response, just fluff. Now that the loan is with Aurora, I spoke with a loan officer and the response was get me to refinance and come to the table with even more money. I am tapped, so this did not seem like a great solution.After some research I found out about loan modifications and asked about this option,and was told this is not the way want to go because it ruins your credit and takes much longer then say a refinance would.:eek: I have shared my experience in hopes of getting help. I am truly greatful for finding this site P.s I apologize for the long drawnout post, but has been somewhat theraputic to just release this situation to the universe.:D