Refinance for underwater home.Bought home in 2007 for $335 @ 6% rate and 7/1 ARM.Now the home value is $235K. Loan amount on the house at this time is $257K.Called mortgage company and they declined to refinance as there is no equity in the home.What I am supposed to do in this situation.May 20 2009 - Orlando00YesReport 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.