You can do a stream-lined FHA(without appraisal). The only trouble is that you must save at least 5% a month in total payment(P&I, escrow, & MI). If you had your loan 3 years ago then your monthly FHA mortgage insurance is ~50% less than it would be now. My suggestion is contact a local FHA Lender(one that is a Full-Eagle status, meaning they underwrite and fund it locally) and let them know your scenario. Rates are very low right now, you may still have enough monthly savings to make it worth while, even with the higher monthly MI. Good Luck! www.LockardLoans.com

I find it hard to believe that your home value is that low when you took out a FHA mortgage just three years ago and still owe an amount twice the value. Housing values in Montgomery have been stable over the past three years. My office is outside of Mobile and we do a lot of refinances in the Montgomery area so I can definitely take a look at this for you. Please give me a call at 888-435-7190. Thanks, Tommy Peoples. tpeoples@southwestfunding.com

I guess the first question is what are you looking to do?? Are you looking to refinance?? If so, it's real easy.. just contact a local mortgage broker, not a bank and apply... FHA has a built in feature called the "Streamline Refinance". You can refinance at today's lower rates without having to requalify. If you thinking about selling your home, or for some reason, you cannot afford the payments, then that's a who different issue. HopeForHomeownersprogram.org is where you can go for information. WilliamAcres.com