fast home equity loan

How do I refinance or get out of an upside down home loan?

I live in Calif. where the market has crashed. I bought a home a little over a year ago, when the market was high. A fast talking broker convensed a group of us to take all the equity out of our current homes, and buy new ones, to have money for retirement. Now I might lose both. I know, stupid. Help?

Try to sell one fast or refinance into an interest only loan till it sells.Hard market to invest in right now. I would also ask an finical adviser on what would be the best way to come out even.

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