How do I refinance or get out of an upside down home loan?

I live in Calif. where the market has crashed. I bought a home a little over a year ago, when the market was high. A fast talking broker convensed a group of us to take all the equity out of our current homes, and buy new ones, to have money for retirement. Now I might lose both. I know, stupid. Help?

Try to sell one fast or refinance into an interest only loan till it sells.Hard market to invest in right now. I would also ask an finical adviser on what would be the best way to come out even.

Get ahold of your loan company and see if they have a plan to help people in your situation. I am in CA too, and my company is working with me to keep the mortgage reasonable.

They don't want your house. The do want your money. So, if you contact them, they may be able to help.

Well if you have two houses, then you will have to sell one of them! The only way to refinance is to apply for a loan, and hope that the appraised value is higher then when you first got the loan. You should know this within 15days of applying.

The question is what is the other house doing currently? Is is vacant? Do you have someone renting it out? You are going to be better off holding on to the house if you can. You should look into a renter if the house is vacant. The market will come back it will just take some time.

Your only other option is to sell one home and come up with the difference between the sales price and the amoutn owed.

Does any of the properties have equity? If you took money out of your current home to put money down on another home then there must be some equity if you put a down payment.