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I am stuck in an interest only mortgage. What can I do?

I am stuck in an interest only loan and unable to refinance due to a significant decrease in my home value. The loan was sold to a private investor and is unwilling to negotioate a loan mod since I am current on the payments.

Other than for that fact I would qualify for a loan mod. The current payment, P&I and taxes and insurance would be about 35% of my gross.

The current rate is 6.875 and becomes adjustable next year> Just wondering if I have any options other than defaulting on some payments. As an added bonus I have foolishly racked up significant credit card debt and need help there too.

Thank you for your time

Jimmy

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