While I have good news and bad news. 1st the good new about ARM (adjustable rate mortgages) loans is that you can refinance them. The problem is that you have to have equity in your house to refinance. So no equity no refinance. The only other way to get out of an ARM loan besides foreclosure is sell your home. If you are to where you can no longer afford your home you need to sell it. Trust me it better then losing it to foreclosure. Like the wise man said better to get 1/2 a loaf then nothing at all.