Refinance Mortgage

I bought my house on 4/06 it has a year already, in Florida the real estate business went down so what I paid for my house $235k is not the value of my house right now. My husband lost his job and was unemployed for a month, I called the mortagage company and I have a payment plan which I have to pay $390 extra every month, so I’m paying for my 80/20 mortgage $2523..Can’t sell the house, can’t refinance.. what I sould do? The payment is too higher for us… We have 2 jobs each one and it is not enough, I’m depress and I don’t want to loose my house.. what I should do?

Which is more important? Your mental health or the house?
Walk away from it

My home has appreciated significantly, and I’m looking to pay off my current adjustable rate mortgage and get a fixed rate loan at a lower interest rate, as well as extra money to fix it up and pay off my car loan and other bills. Also, do either cover property taxes and insurance, or will I have to pay them out of pocket? I just want to know the basics before going to the bank so I don’t feel confused or overwhelmed. Thanks!

If your goal is to pay off your existing loan, your only option is to refinance. A HELOC is essentially nothing more than it sounds – a line of credit backed by your house and therefore with a lower rate than unsecured instruments like credit cards. You would use a HELOC if you were satisfied with your current mortgage rate and wanted to consolidate a bunch of payments into a single one with a more attractive rate.

So, when you refinance your home at a better rate, property taxes and insurance (both types: mortgage insurance if less than 20% equity and homeowners) will both be components of your "PITI" payment (principal, interest, taxes, insurance, [mortgage insurance])