I live in Florida and have a 7 year ARM, and I was interested in re-financing to a 30 YR fixed rate. However, my house is now worth $ 90K LESS than the outstanding principal amount on my mortgage, so of course, my bank will not let me re-finance.
What are my options, if any? Is there a gov’t program or any new law that will let me refinance based on the new value of the house?
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