My dad has asked me the impossible task to refinance his..our home. (I don't live there anymore) The mortgage is a 7/1 ARM (Fixed from 2007-2010) and is about to reset into an ARM this November. The house value has not dropped much. Maybe from 420k (bought price) to about 370k. The problem is my father has barely any income coming in. He has a PT job on the weekends and his FT job during the week is inconsistent with the hours per week. Construction industry. The mortgage pmt is about 2000k a month and he is using all his savings to make pmts, the job income is not that much. He asked me for help because most of the time he is busy with work. This is my first time on this forum and I am pleading for help. How should I go about doing this? I have been looking into HAMP and also a 5/5 ARM with Pentagon City Federal Credit Union. Any other suggestions. *Very likely that my parents will want to move out of this big home into a smaller once since my brother are about to graduate college. Its a BoA loan not owned by Freddie. No prepayment penalty. ARM is 275 basis points + 1-year treasury rate. I live in Bristow, VA.