Do you think ASC could modify our loan

[Joel Fraser]

Hi - we did a re-fi in '07 to combine our two mortgages, it ended up a re-fi from h...ll! Our house appraised @1.1 m (inflated). Anyway, our 1st is @$880,000 @6.75% (adjusts in 2012) & a 2nd (HELOC) $52,000. What's sad is that we never rec'd the $52,000 even tho we now must pay on that loan! Our papers stated $52,000 (+-) to borrower. The loan person told us to simply return the check & we wouldn't owe anything -- never rec'd a check (there were forged signatures on some documents).:mad: Apparently the fees to brokers were taken from this. Contacted CA Dept of Real Estate & consulted attorney - unfortunately it would cost too much to pursue -- business was beginning to slow @that time. The 1st was w/GMAC then transferred to ASC. Anyway, we are self employed (construction) & our profits have dropped about 75% w/the housing slump. We have a couple vehicles up for sale but no buyers. Getting hard to make payments on this huge loan & all others we owe. And since we are in CA we rec'd notice from the County our house is now worth about $600,000!!!! We do not want to walk away from our house but wondered if anyone else was in a similar situation.Question: is it possible for lender to modify & adjust loan to lower payments even tho the interest on loan isn't set to adjust higher for a while????Thanks for any help. :)