we are underwater and our payment is to high what can we do

You should make application with a experienced lender who can verify all your options. You may have a Fannie Mae or Freddie Mac loan that allows for a higher loan to value to refinance even if you are under water.

you should look into refinancing.. you can stretch out your payment to another 30 year mortgage, and rates today are pretty low.. many factors go into how much you can save, so for this reason, the best advice I can give you would be to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If the home is eligible for HARP refinancing, or is already a FHA, VA or USDA mortgage, what the property is worth may not matter and you could refinance to a lower cost mortgage.

If it ends up you truly owe more than what your home is worth you should look into an FHA streamline if you have an FHA loan or a HARP if you have a Fannie Mae or Freddie Mac loan or a VA IRRRL if you have a VA loan. I would speak with a local loan officer to go through the numbers with you to see if you qualify for any of the above programs. Best wishes, Sean