I’m sure you’ve heard a ton about the Fannie / Freddie refi and loan mod program. The basic idea is that Fannie/Freddie backed or held loans can refi into a 30 year fixed rate at market rate interest rates EVEN IF you owe more on the loan than the home is worth. Info on the program and how to see if you qualify.
You have to be current on payments to qualify for this program!
The loan modification program is voluntary so not all banks will do this. Here is a link to FAQs for both loan refi and mods.
Here is Wells Fargo’s guidelines: making-home-affordable-program-newsflash