relocation nightmare

[Joel Fraser]

Somewhat different situation here.I have a $195k ***VA*** loan, with on my house in Florida --purchased in 2001 , and a second mortgage with another mortgage co that I owe $35k on .I Relocated to Colorado last year and recently purchased a home here with an FHA loan. I have excellent credit and a good income. I had to use gift money for the down payment since the sale of my house didn't happen and I could not stand renting any longer. ALL loan terms are reasonable fixed rates. No preditory issues. Also note that my loan apps were 100% truthful. no fake leases or anything like that.The problem is that after being on the market, listed with a great RE Agent, for over 15 months, I still cannot rent or sell my house in Florida. There are foreclosures surrounding at prices that I can no longer compete with. I have repeatedly lowered the price so that it is the lowest price per square foot in my zip code. I called and they said to file a deed in lieu. I can't do that because I have a second mortgage. I called the VA and they said it is probably in my best interests to send the keys back to , since I am bleeding cash for the upkeep, mortgage, etc. I will be consulting with an atty so I can protect what I have here. I guess I am most afraid that I could lose my home here in Colorado or that the second mortgage co will come after me.Would you believe that the loan for my new home is also with ? Does this cloud the issue?I have to ask, and I am sure many will laugh but here goes: Why hasn't anyone initiated a class action suit against the mortgage companies? I bought and paid in good faith and my home is worth nothing because of all of the foreclosures in the area. The ceo of chase even admitted recently that lax underwriting standards led to this mess.