What are my refinancing options if my home is underwater but is not owned by Fannie or Freddie?

Options are limited at this point! If you have a Government Insured Loan such as FHA, there is help!

You didn't state which type of loan product you're in now, so it's hard to be accurate... FHA, VA and USDA all have options built in that will allow you to refinance without an appraisal, so if your underwater, it's not a problem.. HARP also allows you to refinance without an appraisal.. But as you stated, your loan is not owned by Freddie or Fannie, so that's not going to work.. so if your loan does not fall into any of the loan products that I've just mentioned, then your only option is to either pay down your mortgage to where your no longer underwater, and then refinance, or you can ride out the storm and wait till the value goes up enough to where your no longer under water.. There is a proposal for a HARP 3.0, however nothing is out yet, and to be honest, I'm not even sure if anything has been presented to congress, but it's supposed to be a refinance program for those folks who have not been able to refinance under any of the current programs, so... Stay tuned!... 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

You can try to contact your current servicer and see if they have any options. Good luck!

You can talk to your current lender and see if they will modify the loan but I don't recommend you get behind on payments even if they tell you to. RECORD and DOCUMENT the conversation with your lender if they tell you stop making payments. If you have an FHA loan there is no Appraisal needed for an FHA Streamline and possibly not one needed for a VA streamline.

I would recommend contacting your existing mortgage servicer. Most likely there is nothing they will be able to do, but I have seen assistance a couple of times in a situation like yours.

As others have said, it depends on what type of loan it IS. Only certain programs have options that allow you to refinance if you are underwater, I am right here in Charleston with 10 years in the mortgage industry and we offer all the options. Call me locally at 619-6025 or pdumouchel@primelending.com