Is there any means to refinance an underwater, 80/20, non Fannie/Freddie mortgage?

My first suggestion would be to call GMAC first and ask them if you can do a refinance with them since they currently hold your mortgage. Sometimes lenders will have a "streamlined" process since they already have your loan. You would have to do a "subordination" agreement with Citibank as well. Citibank might also refinance you. Have you called GMAC or Citibank? I don't currently have a program other than the Fannie or Freddie program however I have heard rumors that they are working on new programs industry wide. Hope this helps!

The first thing I would suggest is to see for sure if Freddie/Fannie owns your mortgage... If they do, then HARP is avaliable to you.. if they don't, then your only option is to go back to your current lenders and see if they will refinance you. If that dosent work, you can alwyas refinance conventionally, however you might have to "buy down" your mortgage balance to an acceptable Loan to Value. You can also do an FHA refinance at 97.75% Loan to Value.. however FHA has mortgage insurance, so you will have to look and compare yourself and see if it's worth it to you... WilliamAcres.com

If you are certain your first mortgage is not FNMA or FHMLC eligible, then your only real option is to work directly with the lenders. Be persistent. Thre is a way for them to help you, you just need to keep trying. I know many who have had success with GMAC. Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com