[ResAlien]

If you don't mind, a year left til...what? You don't strike me as the 70 year old CP poster, so it can't be a 30 year coming to term. Balloon? ARM resetting? IF it's a balloon, you've got to get on a refi ASAP. If you're not behind and not planning on being behind, I'd say just keep on paying. I can't think of any way they're going to drop your principal because the property value dropped, as far as that goes s&*t happens. If you'll own it outright after a year anyway here, you'll just have to hold onto the property until values rise again. my 2 cents, hope that helped some.

Edit: I'm a bit confused at what you mean by "renew". This is one of the very few topics on here I'm extremely knowledgeable in, I'm no CP lawyer but can give basic info for you.

There are constant changes to the options available to homeowners, they literally change every day. But the odds of your principal being reduced? Slim and none, and slim just left town. Home loans have become like car loans. If you're upside down, you've just gotta keep paying til maturity.