Underwater Refinance

[Louis Aller]

Hi guys!  

I have a question, I am underwater on a property that I cannot sell or refinance because the loan value is larger than the property value. Value = 350k but leveraged out 100%. However I own a second property outright worth 200k. The underwater property is on an ARM and I would like to refinance to a fixed rate ASAP. Is it possible to use a portfolio lender of some kind who will allow me to refinance to a fixed rate mortgage? I called some of the local banks here in NY but they wouldn't lend because the property I own outright is in Florida. What are my options?