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On the menu of choices facing borrowers like O'Meally, none is very pleasant. But give her credit for trying to find a solution. Like many of life's problems, this one won't go away on its own.

Daniel McGinn is a national correspondent at NEWSWEEK and the author of "House Lust: America's Obsession With Our Homes," to be published by Doubleday this winter. To preorder it, click here .

© 2007

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Member Comments

  • Posted By: noranrad @ 03/14/2009 12:43:19 AM

    Redumber is on acid .never in my life have I heard such nonsense.This seems to be more complex than Redumber can explain in his rambling thoughts.This is moron #1

  • Posted By: seanasheppard @ 01/13/2009 6:08:48 PM

    Loan modification accomplishes the same objectives as a refinance without going through the painstaking approval process. I too live in AZ and used a group in Tempe called US Loan Modification. They saved my home, they may be able to ehlp you. Call 800-437-2185 or go to www.us-loan-modification.com to learn more.

  • Posted By: hileng777 @ 10/10/2008 10:31:15 AM

    Is loan modification the same as refinance. If you live in Arizona and you do a loan modification or do short sale and if the house is a purchase money mortgage, do you lose the anti deficiency judgment in Arizona if you do short sale or do loan modification?

    Thanks, Faith

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