I see you have already received some great answers. Depending on how upside down you are, there is the Home Affordability Refinance Plan that will allow you to refinance a first mortgage up to 105% of the homes current value and if a second mortgage is in place it would have to be subordinated to stay in second position. Otherwise if you first mortgage is over 105% LTV then i'm sorry but there is not much anyone can do at this moment unless your current servicer like John said, accepts a short payoff...which is very unlikely unfortunately.
Joshua Lerette - The Tampa Bay Mortgage Pro
Innovative Mortgage Services, Inc.