If your existing loan closed before 5/31/2009, you may be eligible for a HARP refinance. Equity is not required for HARP loans, sometimes not even appraisals. If your loan closed after 5/31/2009, you would not be eligible based on current HARP guidelines. Chase would have to answer the question regarding modification, but keep in mind that modifications are both difficult and time consuming. They also lower your credit scores quite a bit. You have to prove to your lender that you cannot afford current payment, not just that rates are lower and you’d like a smaller monthly payment.