Should I Renegotiate with Lender or Try to Refinance Current

[Administrator]

I have a 5 year interest only ARM at 5.5% for the first mortgage of $452,000. The ARM will adjust in 10/2009. Second mortgage $59,000. When the ARM adjusts we will have difficulty with the payments. We have made payments on time and have not miss one yet. The value of our home listed on zillow.com is $551,000. Should I try to renegotiate the terms with the lender or should I try to get a refinance to another 5 year arm. Does the lender charge you closing cost and fees for renegotiating the terms? What is the benefit of one over the other. Any advice would be greatly appreciated. Thanks F


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(Source: mortgagefit.com)