Townhouse under water @ 6% - now a rental - refinance options?Greetings,My wife and I purchased a 2 bedroom townhouse in IL back in Feb 2005 (ouch) for $150K @ 6% doing an 80/10/10. Freddie Mac is the servicer. Fast forward to today - current balance on the first through US Bank is 101K and the 2nd through First American Bank is $7K @ 7%. Townhouse is now appraised for $81K. Never missed a payment and never re-financed. As you can see by the balances, have paid additional principal every month. Both our credit scores are 780 & 795. We purchased (FHA @ 4.25%) a single family about a mile away last October as our family grew forcing us to rent out the townhouse. Townhouse was gutted and rehabbed. We now have wonderful renters in place. My question is, what can I do about the mortgage(s) on the townhouse? I would like to get the % down to lower the payments if possible. Any help or guidance would be appreciated.Thanks.August 29 2012 - US00YesReport 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.