Should I refinance my rental property!!!

[Sammy Patel]

I currently have a rental property that we have owned for 10 years. I refinanced 2 years ago with the HARP program to a 15 year fixed at 3.5%. My wife's father suggested this was a good move for us. I have been renting it out for the last 3 years. Unfortunately, the refinancing move now puts us $633 out of pocket per month to cover the total cost of the rental (mortgage + HOA fees). This does not include any maintenance or repairs or cover costs when it has been empty. Should I refinance back to a 30 year fixed which would allow us to break even on mortgage and HOA, but still be out of pocket on repairs and maintenance.

Really need guidance on this. I have had to reduce our 401(k) and contributions to the 529 plan for the kids to make up this difference. My wife and father in law are ok with increasing out debt on credit cards to just so we can pay off the condo in 15 years. I am the opposite. I do not like carrying any balance on credit cards.

All help is greatly appreciated.