I have an ajustible rate that went up to 12 and will go up agin in june, which is best forcloser or bankrupcey

My credit isn't very good which is why I ended up with this mortgage, but i was told as long as i made every payment on time they would not adjust they would refinance me at the same rate. Of corse now they wont and haveing no luck with any one else refinancing either. It can adjust evey 6 months so its at 12