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The FHA has a loan program you an try to qfialuy for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation.1. You have to show that you can not afford the payments.2. Your mortgage-to-income ratio must be below 31% of your gross income.3. Your tax statements must be used to qfialuy you for the new loan. If you had a stated income loan before, you probably won't qfialuy.4. Any second mortgage must be paid off before the FHA will refinance.5. You must have a down payment of at least 3.2% of the new loan.6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs.7. If you sell in the next 5 years, you have to split any proceeds with the FHA (up to 90% would go to the FHA).8. This can only apply to your primary residence.9. The max loan amount is based on the current market value of your home; your bank must be willing to write down the mortgage if you are underwater.That's the best the government can do. It's quite a bit worse than a regular foreclosure loan or a hard money loan. But if you want to give it a try, contact the FHA. In the meantime, it would make sense to work on other solutions, too, and not trust solely in the government.Good luck.ForeclosureFish

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