Any Refinance Options and thoughts or ideas on this situation?

We live in New Hampshire. We bought our house about five years ago at a ridiculous 7.25% interest rate. (It was supposed to be less and then after we signed the papers they said they didn’t get them into the system that day and we needed to come in and resign at which point they increased our interest rate) This is not the home we wanted either, but because the sellers were lawyers, they manipulated us as first time home buyers into buying it. It is in an area we don’t want our daughter going to school in. She will be four in decemeber so we have a couple of years. We bought the house for $ 180,000 and done MANY upgrades and with the market crash it is now worth $ 100,000. : ( We are having trouble making ends meet and don’t want to keep paying this ridiculous mortgage on a house we never wanted. We have land that we would like to build on, but are unable to afford to start. We have been turned down by many refinance options because our house is worth so much less than what we owe on it. ( we still owe $ 156,000). Apparently Obama’s program is not for people in New Hampshire. We thought of making this house an investment property, but think we would have a hard time being able to get $ 1500 for rent which would only cover the mortgage. We have tried and been told there is nothing out there to help us by all the options people have told us about. So, I was just looking for thoughts and options that I don’t know about. We don’t want to do anything that would damage our credit, but if we could atleast drop our interst rate we could put the money we save towards our new home, or rent this one out for a reasonable price. I am a nurse and my husband is a Aircraft mechanic, so we don’t know too much about financey stuff. Any insight would be greattly appreciated!!!

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