Your right I read that LTV backwards. Loan Mod would probably be the only way to do that.
It would depend on your Debt to Income Ratio. You take your new payment at the lower rate, divide your yearly taxes and insurance payments by 12. Add in all your other minimum payments and divide that by your monthly income. That would be your yearly income divided by 12. If your are under 40% probably you could refinance. If over its still possible.
Have you started a "Short Sale" negotiation with your lender yet? You need to contact them and HUD both. You will not be able to sell your home without the lender accepting less than you owe. Good Luck
Probably not worth doing at this time unless you need to save the $170.
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