80/20 mortgage refi

[Del_13]

I live in AZ. I bought a home in June 2006 with an 80/20 ARM. Due to the higher interest on the smaller loan, I payed it off with a HELOC. This was only a temporary solution, as I planned on refinancing prior to the ARM adjustment period coming due. I came back from my deployment to Afghanistan to find America's housing market had crashed and my $242K home (original purchase price) is now only worth $190K. The loan amount on my first is $193K and the HELOC is $50K. The ARM adjustment takes effect in August 2008 with another in Jan 2009. Once this occurs, I will be unable to keep current monthly. I don't want to go into foreclosure, so I am trying to jump on a solution now. Are there any options for seeking relief (eg. renegotiating the terms of the mortgage with the primary lendor)? Thanks in advance. - Del