A short refi will probably not work because you are upside down in value i.e. you owe more than your house is worth. An option to consider is to see if a family member or friend can buy this home from you - it would most likely be a short sale. You may be able to rent it back from them with the option to purchase in the future.

There are a few avenues that might be available to you. You will need to contact the Loss Mitigation Dept, of your mortgage bank. Lenders offer a variety of solutions for people who have fallen behind on their mortgages. Among them:

* Temporarily reducing or waiving payments.
* Setting up short-term repayment plans to help you make up the deficit.
* Adding the unpaid balance to the principal of your loan and increasing your payments slightly to cover the extra amount.

You may also want to contact a HUD-approved housing counseling agency to find out about programs that may be able to help you, especially if communication between you and the lender has broken down. To find a HUD-approved housing counseling agency, call toll-free 1-800-569-4287.

Whether or not they are willing to help, you might still be eleigible for the FHASecure program. To qualify, you must be in an Interest Only loan, a Options ARM (Pick-A-Payment) loan, or an Adjustable Rate Mortgage where the interest rate has reset to a higher rate.

probably not,

the bank adds thousands of dollars in fees once you default, wanting you to refi with them....

why would they short refi with you when they can seize your property, give it to on of the managers short skirt realtors and sell it to the public for more??

How to contact Chase:
To receive more information on options listed above, please call 1-800-848-9136.

Loan Modification: could help If you have experienced a permanent reduction in income due to a severe medical hardship, loss of a spouse, legitimate increase in expenses, or other permanent hardship, a loan modification may be offered. Based on your individual financial situation, Chase may be able to change one or more of the original terms of your loan and reduce the monthly payment amount. It is important to note, a modification is done only in hardship situations.

2- you need to contact your lender now ask for loan modification dept and call at least twice a week you need to have ready all this documents 2 last months of your bank statement last pay stubs last 2 w2 an any prove of why you are on this situation

3- you need to list how you spend your income
like this

Mortgage
Insurance
( for car and home separate )
gas-electricity
food
car payment
credit cards



Tip **** Be nice, polite and respectful with all the agents you speak get names and departments they represent, keep all together and handy on every call good luck