Janice in Bradenton, Florida asks:

I would love to refinance, and have attempted to do so several times, but was turned down each time because my home value is underwater. My husband lost his job last year but has since found another job. My main issue is our rate is nearly 8% and about to adjust again and we will not be able to afford it if the payment goes up again. Can I get a modification?

Answer

Your loss of employment along with an adjustable rate is classified as a “hardship” assuming you meet the financial requirements under the HAMP guidelines, you could have the loan terms modified and the rate fixed for the term.

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