Variable mortgage loan interest rate?

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My home mortgage loan with a fixed interest rate (5.75) expire next month and it will become variable for the next 20 years. My house has no equity and To be able to refinance, my Bank (Wells Fargo) is asking me for 20% Down payment (money that I don’t have). I’m worried that my new variable interest rate will make my monthly payments more than what I can afford.
If you know how to deal with this situation, please answer my question?
I have called different mortgage companies, and all of them are asking me for 20% down.
Right now, my house is worth about $ 240.000 and my mortgage is for $ 265.000.
What should I do?
Thank you.

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