Can I refinance a VHDA loan that is under water?I have a VHDA loan from 2007 that is probably close to $20,000 under water. We are at a 7% interest rate and need to lower our monthly payments due to cutting back to part time at work. I called VHDA several months ago to see if they would do a rate modification and they basically said no unless we can prove that we can't afford to make our loan payments anymore. We are not willing to skip a payment, putting our credit in the toilet just to take the chance that they MAY help us. Is there anyone that can help us?October 30 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.