[CurtEgerer]

He understood the mortgage (although sort of turned a blind eye to the possible consequences of the 3 year ARM!!!), but did not know the value of the house. The mortgage company sent a professional appraiser out. He had already owned the house for several years and didn't know what houses were selling for. Isn't the appraiser supposed to know the value of the house? The appraiser says it's worth $250,000, why would he question it? He's got the document and no house in his area has EVER sold for any where near that amount - it was a total setup. Maybe he should have, but I don't think most people go get a 2nd opinion on this. I believe this was one of those fly-by-night mortgage companies and the loan has probably been already resold.

James, I think he is prepared to have no credit for 10 years - he basically has none now. That's how desperate he is. Maybe if the mortgage company understands this, something can be done.

I'm in agreement with you guys, but am trying to fight for HIS argument and thinking. Anyway, it sounds like his best bet is to find an attorney to have a serious talk with the mortgage company about making a bad situation somewhat better for all parties involved.