It’s advisable to consult with a tax professional or financial advisor to determine the most appropriate approach for your circumstances.

Like most things in real estate, a lot depends on the circumstances of the individuals involved and not just the numbers and figures.I hope this helps explain my thoughts, and I apologize for the lack of clarity when I defined "arbitrage".

However, as I always say in such circumstances, we're entitled to our own opinion but not to our own facts.

Also, monitor current mortgage rates, as high rates can significantly impact your monthly payments.Your personal circumstances are also important.

Then I see what they say.Normally two circumstances:1. 

Under what circumstances? 

If the circumstances don't match what the borrower is claiming, the loan will likely be denied.

It is delinquent enough (Greater than 90 days but below 120 days(can't file first legal until after the 120th day by federal rule (Except under very very specific circumstances)) to where the lender or servicer has sent the breach letter (Notice of pending foreclosure) with an expiration date that the loan will be referred to a foreclosure filing (Trustee/attorney) if the borrower(s) don't cure the breach within that defined period of time.* A notice of default is not a letter sent by a creditor saying they are late.

I had put in for extenuating circumstances form several time and never received a response.

I agreed with what everyone has already stated here: depending on your own circumstances.