How can you refinance an ARM to a fixed rate when the value

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How can you refinance an ARM to a fixed rate when the value of your house has plummeted?We purchased a $262,500 home in 2005 with an ARM, which had a fixed rate for 5 years. The down payment was made with a home equity line of credit with a current rate of 9% as a 2nd mortgage so it was 100% financing. Now that the market values have plummeted, our house is probably worth 225,000. Most mortgage companies require 80%ltv. We have no problem making our payments but yet still can not get a fixed rate because the LTV is over 100%.


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(Source: mortgagefit.com)