Open Question: refinancing help!?

[Administrator]

My wife and I bought our first home a year and a half ago. This December our fixed rate is ending on one of the loans. We have two mortgages...one at 7% and one at 11%...the 7% one has its fixed term ending. The total of the two loans is $213,000 and the house was appraised for $215,000 when we bought it.My credit has gotten better since we bought the house and my wife and I make over 6 figures combined. Is there anyway we will be able to refinance in November even though the appraisal of our home has probably gone down and we are now upside down in our mortgage? There is no way we could afford the new payments once the fixed rate is up.Please let me know what our options are...Thanks in advance!


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