Can I refinance an ARM that hasn't reset yet?

I currently have a 5:1 ARM interest only 0 down mortgage on my condo. The market has dropped and I am upside down on my property. I can afford my payments but want to move back up to NH to be with my family and my fiance. I am allowed to refinance next November due to a soft prepayment penalty and my mortgage doesnt reset until 2011. My problem is that even if I rented I wouldnt be able to meet the 1272 mortgage/taxes 325 HOA and 10 % cost of property management for a realtor to manage property. I also wont be able to refinance if I have negative equity and i dont have money to bring to the table. I am just not sure what my options are. Any advice is much appreciated as I have begun to investigate a short sale and I don't think my lender Aurora Loan Services will write down anything on my mortgage to redo the terms. I know I am stuck like many other Americans and I have learned a hard lesson but I am looking for any help or advice. Thank you very much!

Can I refinance an ARM that hasn't reset yet?spyware

Hi Mathew, my answer to you on your other question was removed for some reason.

Regarding this question, I do short sales for a living (even have one in Naples). Although you are upside down on your mortgage, Aurora loan services will do a loan modification to get you into a fixed mortgage or a lower mortgage payment. However, based on what you described here and in your other post, I doubt that will be beneficial to you.

E-mail me if you have any further questions.

Regards...

Can I refinance an ARM that hasn't reset yet?virus scan

i think you should call your lender and let them know of the market situation and maybe have them extend or freez your mortgage terms...
I would sell it and if there was a neg balance, you could get a personal loan to pay it off.

Or rent it and pay the difference each month. However, make sure that your condo assoc allows renting it.