Recently read an informative article by Kenneth R. Harney from Washington Post on how your (LOW) FICO score can qualify you for "fast-track" rate freeze.

In a nutshell, the fast-track rate freeze plan is targeted at homeowners who won't qualify for refinancing because of too low FICO and who probably won't be able to afford future payments on their current mortgage. Other guidelines include primary residence, minimal equity, current mortgage history, etc. 

More information should be available to homeowners regarding this plan as it might be an alternative to a short sale or a foreclosure.