Absolutely.

Most people who are refinancing a car loan are, indeed, underwater. The reason is that your car value depreciates much faster than the loan is paid down.

Lenders understand that the LTV will be above 100%, which is why most have LTV threshold around 115-125% (depending on credit worthiness of the consumer).

An underwater camera, is a camera that works underwater.

Underwater landslides, Underwater volcanic eruptions, and Underwater earthquakes

Unfortunately you are pretty much out of luck. You have no equity in your house to refinance against and your interest-only loan is about to become an interest-plus-principal loan.

I would recommend talking to your bank or financing institution and see what options are available. If you can continue to make payments, you should probably ride it out and wait for the housing market to recover.

underwater