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Help Refinancing 2nd home with no equity

I have a home that was purchased as my primary home in 2006 with a 6.85 interest only on the first mortgage and a equity line of credit with interest only. Fannie Mae holds the loan.   I had to relocate for a new job and purchased a smaller home hoping to sell the first home.   With real estate prices decreasing I have been unable to sell my first home since my equity has dwindled significantly. It is worth about the same as what I currently owe.  So I have leased it for the past 18 months.  My primary residence I am living in now has an interest rate of 5.25 FHA loan.  I have excellent credit with a score of 765.  I can't seem to find a mortgage company willing to refinance the first home since it is not my primary residence and is leased.  Any suggestions.  Even though I pay extra on the first home, I am not getting anywhere in paying off the principal. 
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August 19 2011 - Raleigh
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Did you qualify with both house payments when you relocated? If so, can you still? What are the two loan balances? 
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August 19 2011
It should be eligible for a HARP refi.  And many lenders could do that.  What am I missing?  If BofA is the servicer, feel free to get in contact with me to discuss options.
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August 22 2011
 
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