Re-fi/Hud program assistance possible? Major underwater - Not securitized by Freddie/FannieBought in 06 at 215k. 1st is at @ 172k, 7.3%, not freddie/fannie backed, and it's interest only. 2nd is at 31k, 10.1%. The value of our townhome has dipped significantly due to foreclosures/overstock and comparables are listed at 135-160k. We've seen a mortgage consultant who basically told us there's not much he can do b/c our 1st loan is not Freddie/Fannie backed. Are there any other programs out there for us? We are drowning! (Excellent credit, no late payments).September 29 2010 - Payne Phallen00YesReport 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.