Looking for help

[Joel Fraser]

My wife and I currently have a mortgage with HSBC. We are upside down in that the value is probably $30,000 less than the appraised value when we got it 2 years ago. We had to refinance with HSBC when investment property we bought short term lost value, we could not sell, and we could not keep the tax payments up. Will the changes in Federal Law help me with an FHA refinance? We had good credit but lost it during the past 2 years trying to keep up payments. We still are in good shape with an income of about $110,000 annually. The loan we have will readjust to an arm in less than 24 months. Payments are becoming hard to make compounded by the mortgage we have not taking out escrow. We eventually will lose the house if I can't get a reduced fixed payment. Any input would be appreciated.