reduction? Hi all,

I need your help I have been going crazy searching websites for information and trying to get honest help and I have not been successful as of yet. In 2007 I purchased a piece of land for a home that I wanted to build on. My Loan was with WAMU for $2.7 Million which included $1.7 Million for the land and the balance for the home construction.

My neighbor at the time in this new development gave me a lot of problems due to the fact that we shared a flagged entry driveway. He did not want to work with me despite his architects and city planning commission saying he had to share costs to improve the driveway, etc...

Due to the fact that I did not have the house constructed in 2 years, WAMU which became Chase Called in my loan saying that I need to pay them $1.5 million in addition to the months and months of interest only payments that I had made for two years. They have cancelled my construction part of the loan.

My land is on auction next month and I cannot let this go. I have a lot riding on this home being constructed, primarily the fact that I have so much money approximately $700K invested in plans, permits, and interest payments.

Chase says that I need to come up with over $1.5 Million and pay off the loan or else they are going to foreclose.

Can you please help me get some help or advise me on getting a reduction in the principal amount. I need to be in the $1 Million - $1.1 Million range. I would like to make payments over 30 years or if they want I can pay it off and just be done with it. Some how I can get $1 Million together from friends and relatives.

What should I do? To be clear my wife is the only person on this loan, I am not on this loan, but we are together and live together. If there is any other information you need or if you can help me please do.

The value of the land is no longer $1.7 Million it has not appraised for higher than $1 Million.

I had heard that there are companies that can buy your loan from Chase and refinance the loan to you through their bank? Is this true? Any recommendations of a reliable company to help make this option possible?

I appreciate all your help.

Thanks.