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[quote=Anonymous]I'd recommend checking the possibility of refinancing with the lender you have or other major banks or with a broker. Just start talking to lenders.  
I also bought in 2005, at 585k, with 10% down, 80% on interest only, and 10% on 30 year fixed on a 125k salary at the time I got the mortgage with Wells Fargo. I had enormous stress about the overwhelming mortgage burden faced with declining real estate values. Numbers on my situation are remarkably similar as yours, except my property went DOWN... to $430k and I lost my job. Fast forward to a short sale and a shot credit. But in your situation, because your home value is around $620k, you are not that far off 80% LTV, especially since appraising is not science so you might get a bank appraiser that appraises it higher or a lender that will go under 80% LTV. Heck, when I was selling my place, the bank appraised it at $440k, the seller got it appraised it at $400k. That's 10%, a big difference. So just give some lenders a call. One tip is that people who do the initial talking to you on Quicken or other such seemingly low rate lenders are like low level customer service reps. They don't have any discretion in going beyond the cookie cutter over 80% LTV cases and can't give you the best rates either. Tons of wasted time. Just ask to talk to senior loan officers if the lender looks promising. My husband has used Columbia Bank twice (they are local and small but have really good rates). But they are mostly good for best rates, not necessarily being flexible about going outside the box, so in your case, you need a bank that will refi when you haven't hit 80% LTV. [/quote]

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