80/15/5 Loan RefinanceHello, I've read similar answers, but not exact matches to my situation. Here is my situation. I bought a house in August 2006 for $195,500. Details:Down (5%): $9,77580% mortgage (Freddie Mac - BOFA): 6.5% interest; original amt = $156,400; balance = $146,00015% mortgage (Citimortgage): 8.675% interest; original amt = $29,325; balance = $25,500So, I owe a combined $171,500. The house is in Dearborn, MI 48128. Values have dropped like a rock and foreclosures are everywhere. Honestly, I'd like to move and am contemplating buying a new house and renting the Dearborn house. However, I am paying $1,217/month for both mortgages plus escrow of $325/month. So, $1,542/month breakeven on the rental. So, the plan might be to refi and get as low a monthly payment as possible to make renting worthwhile.Anyway, the question is: can I refinance the first (80%) loan and subordinate the 2nd loan? Is that my best option? I have not seen a house near mine sell for anywhere near $195,500, so there's no chance for an appraisal near that price. Other than that, the house in great condition. I've updated rooms, painted, added new fixtures--done everything I'm supposed to be doing.I can put some cash down if I did refi, but cash is king right now and I'm not about to throw more money into this "investment." Let me also throw this out there: will putting a bit of cash down on the 2nd mortgage help get the subordination?More details: I have zero debt otherwise. I have no car payments. I use one credit card which I pay the balance in full every month and my credit history is spotless.I've tried to include every bit of info I could into this original post.Thanks in advance...July 15 2011 - Dearborn00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.