Does anyone have a loan with ING Direct?

[Joel Fraser]

Facts: I have an 80/20 loan. Purchased in the Inland Empire, CA for 429K. First is 5/1 ARM. 2nd is with Wells Fargo at a fixed with a large balloon payment. I would like to get my principle reduced as the values in my area have dropped 130K+. I am seriously thinking of walking away. I have thought about the buy and bail approach but I don't think the consequences are worth it. However I do not want to stay in this house any longer b/c they have a horrible school district in this area. And my realtor LIED to me about the school district, telling me it was one thing and only AFTER I bought the house I realized I was in the wrong school district. Anyhow I commute 3 hrs a day just so I can drop my kids off at a good school and then head to work in the LA area. I'm tired of living here and I am seeing all these other homes pop up in better areas for a lower price. I really REGRET buying when I should have waited. What I would really like to do is get the PRINCIPLE on this house reduced to the current market value. I like that new proposal that is supposed to go in effect Oct 1st. Even if I have to split the profit 50% at least its better than getting nothing however, I know that the drawback is this is a VOLUNTARY lender program. If I can get the principle reduced then I'd like to rent this house out and get another property. But with my current mortgage payment I cannot find any renter willing to pay 2K+ a month for this area. I guess what I really need is info. Has anyone dealt with ING Direct before? I am only seeing loans from Countrywide, Wells, ets. But not ING. I am not even sure what to put on my hardship letter?

[kevin]

Hi..
I think that you make some strong points.