If your current loan was not sold to FNMA or FHLMC then it would be difficult to refinance due to low appraised value. My suggestion would be to call your current lender and see if they will modify your existing Note into a 30 year fixed mortgage, fully amortizing. They should also be able to get your rate to current market. Good Luck!

FHA loans are owner occupied only.. the BK is not a problem.. But refinancing a non Freddie/Fannie loan is not going to happen if they don't own it.. If your current loan is FHA, you can refinance without an appraisal. If it's a portfolio loan, which is what it sounds like, your at the mercy of your lender... There's hardly any incentive for them to refinance you if your paying your payments on time... if you have cash reserves, you can pay down your mortgage and refinance FHA at 97.75% LTV... but that probably your best option.. WilliamAcres.com

FHA has a streamline refinance program that does not require an appraisal. The loan amount cannot exceed 125% of the AVM (Automated Valution Method). Automated Valuation Model provides computer generated home appraisals for mortgages. AVM mortgage appraisals are designed to replace a lot of the work that is usually completed by licensed real estate appraisers. AVM mortgage appraisals are based on comparable sales in your area, title records and other market factors. You cannot finance your closing costs or escrows into the loan.

You can't currently have a FHA mortgage if your actually have a negative ARM as FHA has never offered such a product. Therefore you would have to refinance as a fully documented loan. I agree with most of the responders - first call your existing lender and ask them about a modification. This would be the best option. If the answer is no, then I would consider borrowing against a 401K if you can.

The other answers are both currect, you will not be able to refinance through any other lender or under any loan program that current is available - your best option will be through the current lender. For a new mortgage you will have to qualify with the payment on your current home based on the fully amortizing payment, and without counting any rent you receive on the current home unless it shows on your tax return (schedule E) after a full year. FYI - There usually is no reason you cannot make payments of more than the min on a neg am mortgage.