Can I Refi a Non Freddie/Fannie Underwater Loan?Is it possible to refi an underwater Non Freddie/Fannie Underwater Loan? We are in a variable loan and would like to get into a fixed rate.Metro Phoenix Area, AZDepending on the website, our house is worth $155 - $169KWe currently owe $176K on our first mortgage. Just settled our Chase 2nd Mortgage for less than what we owed.However, we were behind on our mortgage payments for approx 5 months. We have never had a loan mod.Just checked credit scores and we are 722 - 745I am also eligible for VA.Any advice would be greatly appreciated.August 09 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.