How do I use the Mortgage Forgiveness Debt Relief Act of 2007 to negotiate a fix loan on my 1st and 2nd mtg?

My first mortgage is with Aurora Loan services for $ 355,200 @ 6.875 5 year fixed 2nd mortgage at $ 88,800 with Washington mutual @ 13% 30 year due in 15 Balloon. I cannot refinance since my value has dropped around $ 20,000 is there any law that would allow me to renegotiate this with my lenders? I still have 3 years left but I rather do this now and take advantage of the relief act. I am not in default and want to avoid being in default when negotiating any tips you guys could give me? Thanks!

Register New Account
Reset Password