What options do I have for refinancing an underwater mortgage that is not owned by Fannie Mae or Freddie Mac?

If your loan is FHA, VA or USDA, then there are programs out there to refinance even if your underwater.. short of that, you would have to wait to see if HARP 3.0 every develops (don't hold your breath).. 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. 480-287-5714 WilliamAcres.com

Contact your present lender; otherwise your choices are very limited. We all hope that HARP 3, if and when it becomes available, will bring a solution for you and many others in the same situation.

The only option is HARP 3.0 coming out unless your mortgage is owned by FHA, VA or USDA. E-mail me your name, number and e-mail as we have a HARP 3.0 update list we will be issuing out updates and letting you know as soon as we can help you. P: 888-320-7888 - ken@mortgagesforamerica.org - Ken Burrows

Not many. Contact your current lender and see if there is anything they may be able to do

Others have answered your question well. If not FHA/VA/USDA then HARP 3 if and when it comes.

William and others really pretty much laid out your options, other than that contact your current lender.

Yep, no options unless new product comes thru.

No real options at this time , sorry to say

Ask you current lender to Modify your loan

If your loan is FHA, VA, or USDA, you also have some options... If you are one of the few that is not one of those, you have no underwater loan options today. HARP 3, which is currently being discussed, would be designed to help you. Remember, it doesn't exist today... so keep your ears open for something in the near future. www.HARP3-refinance.com

I've helped clients understand some out of the box options on their loans. One possible solution if you have access to funds that you could use to bring down your mortgage balance to a level of 95% loan to value or better and you have good credit, you may be able to move some of the existing loan balance to an equity line or unsecured line of credit. Sometimes the overall payment savings can make sense with two loans instead of one, even if the unsecured loan portion has a higher rate. Unfortunately, there are no other programs than HARP or a modification of your existing loan that are common out there. This company does some additional out of the box things however by helping you negotiate your existing loan. "Short refi's" and direct settlements are being negotiated for their clients. http://settlementprep.com/