This is what happens when people just see a lower rate for an ARM and don’t make sure their investment can handle rate shocks. He doesn’t need a lawyer. His best bet is to go talk to his banker (or a few) and see if he can refinance to a different product that saves him money on payments until the market stabilizes and he can sell the properties. Some smaller community banks are still not appropriately pricing themselves on loans for the rate environment and have a lot of liquidity they need to lend, so he may still be able to find a deal if he shops around.