Interest-Only Refi on an Underwater Condo in Kansas City

[Thomas Kayes]

Here's the story:

About 30 seconds before the bubble burst my wife bought a condo in Kansas City. It is now, and has been for some time, underwater. We live in Chicago now and she rents the condo out. It's in a very nice building, and is very well appointed. Even with the assessments, it almost cash flows. If we had an interest-only mortgage instead of a conventional mortgage, it would cash flow.

So that's the question: How do we get from conventional mortgage land to interest-only land on an underwater condo in Kansas City?

Ideas? Thoughts? Referrals?

Thanks everyone.