What to do with triplex, need advice on possible options

[Jon H.]

This situation is for a family member and I'm not quite sure what they should do. So I'm hoping to get some advice from everyone.

The property is a triplex which they purchased about 10 years ago.  They live in one and rent out the other two. They fell behind on payments a few years ago but as of today they are up to date, problem is their credit is shot.

Along with a high interest rate (6.75%) on their first loan and a second loan that will reset at the end of the year, keeping the triplex without refinancing is not manageable.

The loans total about 800k and the property is worth about 1.2 million.

So my questions are...

1. Is there any way to refinance?

2. Is it possible to sell off one or two of the units and keep the remaining unit?

3. There are not many comps in the area.  Most are duplexes, usually smaller sq ft per unit, have carports, etc...  This triplex is updated, much larger in sq ft, each have their own garage.  So would that affect the sales price?  Would they be better off keeping it and renting rather than selling?

Any advice would be appreciated, interested in hearing your thoughts and what you would do in this situation.