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Can we refinance our 2nd home in Bluffton, SC that is underwater?

We have a condo in Bluffton, SC that is underwater.  We rent the condo on an annual lease basis.  We have excellent credit, and never been late on a payment.  Loan is through BOA and is not owned by Freddie or Fannie.  Do we have ANY refinance options to lower our payments?  BOA said they aren't refinancing any 2nd home loans.  Wells Fargo said they can't help us because it's underwater and doesn't qualify through HARP. 
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July 24 2012 - Bluffton
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Please let me know how your meeting goes. 
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July 30 2012
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I am an investor working with a program that allows high end upside down hhomeowners to keep their property and lower their overall debt. Can you contact me with your details. The property must be JUMBO over 417,000 at time of origination, and 10-20% in negative equity [hotlink removed by Zillow moderator]
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July 28 2012
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I am an investor and we have a program that allows high end upside down homeowners to keep their property and lower their overall debt. It must be a JUMBO loan at time of origination (over 417,000) and  you must be in negative equity by 10-20%. [hotlink removed by Zillow moderator]
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July 28 2012
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I met with a BOA rep yesterday.  They said because the mtg isn't owned by Freddie or Fannie, they cannot refinance.  They said they aren't doing any refinances on 2nd homes or rental properties, period.  I've checked with 3 different lenders and they won't refinance an underwater property that doesn't fall under the HARP requirements. 
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July 26 2012
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I called them five days ago.  They told me that they have a "freeze" on refinancing any second homes, didn't even mention that it was a rental.  I think I'll just stop by my local branch and see if they can help me. 
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July 24 2012
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I am in a similar situation and had been advised by BofA for the last 2 years that they cannot help me because the home is a rental.  BUT I met with a representative last week and they said that in the last month they have a new program available which is for rental properties.  I meet with BofA again in 2 weeks to determine if I qualify.  I suggest that you call them again. 

Good luck to you!
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July 24 2012
 
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