Refinance first with underwater CLTV?I have a first mortgage ($405K) and a HELOC ($115K), both with Countrywide (BofA). Market value of the house is $503K (bought it for $560K two years ago). Very good credit and high income. I'd like to refinance the first - but will countrywide subordinate the second with a CLTV of around 103%? Will banks consider a refinance of the first at the prevailing 30 year rates, or will the rate be higher given the lack of equity? I'd like to get away from Countrywide if possible - any advice? August 24 2009 - Strongsville00YesReport 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.