Just because your home is underwater doesn't mean that you should give up on trying to lower you payment. The Home Affordable Refinance Program has made two vehicles available that will help homeowners get back on there feet.
The names of the programs specifically are the Fannie Mae DU Refi Plus and the Freddie Mac Home Relief. These programs are now available to customers who are 125% loan to value.
I have been helping happy customers in Florida save a bunch of money when just weeks prior they were considering short saling their homes and moving on. Please give me a call or inquiry about these two programs