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Hey Charles... There are several refinance products out there available to borrowers who are in negative position... if your loan is FHA, you can refinance with no appraisal and lower your interest rate and payment.. if you have a VA loan, the same applies.. if your loan is conventional, and owned by Fannie/Freddie, you can use HARP 2.0 to refinance, and more than likely the appraisal can be waived... The best advice I can give you is to contact a LOCAL mortgage broker, not your current lender, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

As suggested in one of the answers below, you may have several options to refinance to today's low interest rate. Based on your information your loan to value is 110%. If you have a Fannie Mae or Freddie Mac loan, this is well within the guidelines of the HARP 2.0 refinance program. If you have an FHA or VA loan there are streamline programs that require no appraisal. Your best bet is to contact a Lender 411 mortgage professional in your area. They will ask the right questions to figure out a loan program that might work for you. Good luck.

i am waiting to hear from you i emailed your earlier..

Come on Geofrey, sure the Feds want the banks to reduce principal, but the banks in their mean spirited ways will insist you vacate the property as a condition of reducing the principal on your loan. It's called a "Short Sale". Charles, your best option is to contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are serious about getting borrowers into a better situation. If your property is HARP eligible, that would be the way to go and the best way to get it done is to NOT use one of the big banks or national mortgage factories. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com