Difficulty selling or refi investment condo in Arlington VA

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Hello All,

I really could use your advice. I see a few threads related but not exactly my situation. I am unable to sell or refi a former primary residence that was converted into a investment property.

- Purchased 2005, converted to rental 2011

- Currently owe $415K on 2 mortgages, both with BOA

- 1st mortgage @ 6.5% interest-only; 2nd mortgage @ 4.99% interest-only

- 1st mortgage has always qualified for HARP but has not been able to go thru the system to be approved due to technicalities of the loan

- No comps for this unit and best guesstimates of sales would be ~10-15% less than owed

- Negative cashflow is really hurting, ~80-90% occupancy

I cannot spend the cash required (~$100K) to refi given it is far underwater - also it generally does not meet owner occupancy requirements even for a conventional investment property refi. IF I can find a buyer, I would need about ~$70K to bring to the table.

Questions:

- What other options should I (re)consider?

- How can I finance all or part of the $70K if a seller wants to buy?

I feel like I've maxed out on ideas and really could use some help.

Thanks.