Need to refi 2-family investment but stuck in balloon adjustable rate mortgageI purchased a 2 family investment property in 2007 (NY state) and took an adjustable rate mortage in the amount of 181,000. Pardon the stupidity here, but after reviewing my paperwork I just realized I am locked into a 30 year balloon payment with an adjustable rate. Apparently after 30 years of paying 1900/month I will still owe them 166,000 upon maturity. The value of the 2 family homes in my area has dropped significantly (sales within the 80-120,000 range). How can I refinance this house rather than just give it back? I've never been late on a payment and I do have some money to put toward a refi just not 100k. Since its an investment property, I'm being told I need at least 20% equity. Can anyone give me an idea of what I can do with this property?September 27 2011 - Middletown0YesReport 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.