Think I'm screwed, but hoping someone can point me in a direction I haven't considered...

Your only option is to either wait till values go back up to where you have the necessary equity to refinance, or pay down your mortgage to an acceptable Loan to Value.. Unfortunately, all the programs out there for folks who are underwater, are intended for borrowers in the conforming range.. They don't apply to folks with Jumbo loans.. Also, some folks here might suggest you contact your existing lender and ask them If they have a program for folks in your situation, but I would say it's a wasted phone call... I have yet to see a jumbo lender do a refi with a borrower in negative position.. Sorry.. 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

I'd be happy to discuss the documentation you submitted to your lender offline. If you are interested, send me a direct message and we can talk a bit more about what your situation is and the documentation (financial package) you submitted. Thank you!

HAMP is your only option. Why do you think you don't qualify for making payments? Is that what they told you and are you just assuming? Even though you can do a HAMP on your own find a loan officer to help you as we understand the lingo they speak but there is no need to pay for someone to help you but it may go a long way in them helping you. Don't use a company that purports themselves as being able to get it done and charge hundreds of dollars. Just find a friend or colleague. The next option would be when Harp 3.0 comes out but it is only in the talking stages right now.

William is correct in his responce. Nothing you will be able to do with out funds to buy down your loan amount.

Based on the information provided, there are no refinance options available for you at this time, except to pay down the loans enough to qualify for standard financing. www.JoeMetzxler.com/HARP.htm

HAMP is your only option at this point in my opinion.

William nailed it. You can't go HARP with your have a Jumbo. :-(

Darinh, My sister is in the same boat down in West Palm Beach Florida. At the same time her lender is offering 4.375% rates they won't lower her 6.875%. Not even to 5.5%.... I told her to put a very nice letter in the mail to them asking for a new 5.5% rate. I also told her to put a rusty old key in the envelope and tell them that was the altenative. I'm quite sure your lender doesn't want your "underwater" house. Perhaps they'll work with you....