First time I have posted. Need some advice, I have a 2 unit property (duplex) in MN. bought it in 2004 for 265K, as my first home. My wife and I lived in one unit for 4 years and we now rent out both units. I have a first with B of A and a second with Wells fargo. B of A was a 30 year fixed at 5.5% originally $212,000. now 178K. 2nd with wells was 39K at 7.25 30 year fixed loan. now 36k. The house is worth 145K now, I rent it out and make $1,800.00 per month. Loan payments are $1,850.00 PITI per month and with operating expences I am losing around $300.00 per month. I make around 100K a year, I was hoping for a refi on the first and I would just have to pay off the 2nd over time. My FICO is 820
Issue is B of A will not let me use the Harp 2 they say the have a hold on all 2nd home and investment properties refi's and they said that even if they would do a refi the best rate they could offer is 4.5%. Wells said they can do nothing.
Should I be trying a diffrent route? Am I dumb to try to hold on the the house. I don't want to give it back as I took the loan out so I feel I need to pay it back. But no help?
What would you do it you were me?