Question : How do I get out of my ARM Mortgage when I owe more than the property value ?
I currently have a condo that is valued at around $ 200,000. I owe $ 272,000 ( 5.75%) on the first mortgage and $ 50,000 ( 6.75%) on the second. Are there any programs out there that will allow me to combine the two, hopefully at a lower interest rate ? My credit is great. But I owe more than the value of the condo.
arm mortgage

Best answer:

Answer by ibu guru
Since you owe so much, no, you cannot refi. Your max refi would be under $ 200,000, probably under $ 190,000. You are going to have to pay as agreed.