New to website, need your help!

[Joel Fraser]

Hello Everyone, I need your advise as to how to obtain a modification with Litton(1st) and Greenpoint(2nd, line of credit). We are in an option ARM program, our loan is not going to reset until next year in Sept '09. The lender that gave us this loan did not fully explain how this was going to work, come to find out earlier this year that our balance is going UP! We have been making the minimum payment for almost two years! Home prices have really gone down in our area, we owe between our 1st and 2nd $665,000 and homes around use are selling for $400,00. This is not good. I did contact Litton, (which by the way just took over from our previous servicer Avelo) and they denied our modification...the rep basically took info over the phone and said we did not qualify. I don't know if I should try to modify these loans on our own or should we involve a lawyer to handle this? Please advise to how I should start. Thank you.