What can I do about my ARM mortgage?

5 years ago I entered the buying frenzy and signed an interest only ARM loan for about 5.5%. Well now my 500K house is worth 300K, the interest rate will soon be 12%, I have no equity (interest only) and Chase Bank appears unwilling or unable to give me any options to stay in my house. The man’s only suggestion, laughing as he said it, was to come up with 200K and a 20% down. So my question- what can I do?

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