We have several customers who have second mortgages with our bank. The borrowers are currently underwater with their homes (typical situation here in Florida). Our bank would like to refinance these customers and combine both their first mortgages (held by other FI's) and our second. The reason is two fold: one to help the customer with a lower rate and more affordable payment terms, secondly it would improve our banks collateral position in the event of a default. Some of these borrowers may be as much as 150% LTV. These customers are not eligible for any of the HARP programs. We are doing appraisals, running credit, and all other underwriting on these loans. Is anyone else doing any loans like these outside of the government sponsored HARP programs? I would appriciate any insight/advice that could be offered. Thanks in advance!