Hello, I forgot to add you may want to check the recent news about short refinancing - fyi.
Under the new Short Refinance program may qualify to lower your payments and keep your home. It does affect your credit, but I have information about rebuilding credit in less than 6 months if you want a read - let me know.
Here is a link for the DTI (debt to income) ratio info with a free calculator at the far bottom, though I have also attached it. http://www.thetruthaboutmortgage.com/dti-debt-to-income-ratio/
All the best,