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Stuck in ARM and Upside Down


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Hello all,

Hoping that someone might be able to give me some advice. We are currently in an ARM with a current interest rate of 6.25%. We've had this loan for a few years now and are now trying to refinance to a fixed rate loan.

The problem is that we are now underwater on the loan. We owe about 198K with a home value of about 140K.

Neither Fannie or Freddie own the loan, and we don't qualify for a loan mod due to the fact that our payment is not more than 31% of our monthly income.

Is there anything that can be done???

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