Need Advice: The way Forward Loan reset 2010

[Joel Fraser]

To make a long story short*Loan: 350KLoan type: 80/20 Loan 5 year I/O*80% loan resets: 2010 year = Tie to 1 year LIBOR Rate20% loan resets: 2020 year = Tie to (Not sure but will payoff this amount before 2020 I hope :mad: )Current market value is 225K a lost of *-125K* :mad: and probably falling.In 2005 I was pre-approved for a 800K 5 year I/O loan ... (And thank god I didn't go all the way! I thought to myself 800K is to much for one person at the time) ... Today I'm making 50K more then I did in 2005 so financially I'm doing okay and I can manage the payment increase if the 1 year LIBOR Rate doesn't jump up to over 10% but I wasn't planning to stay in my condo over 5 years.Is there anyway I can get out of my condo?Would Short Sale be an option for me? Can this be done by taking a personal loan out on the 20% and short sale the 80% loan?Short Sale will be on your credit record for 4 years?Or I can rent the damn place out and take a hit per month :mad:Idea's ????