how can you get out of a 11.9% rate when your house is not worth what you owe

We would need more info to properly advise you, specifically which type of mortgage you have now, since most conforming loan products have refinance options where an appraisal is not required.. FHA, VA, USDA and Fannie Mae/Freddie Mac backed loans all have re finance options... if your home does not qualify for any of these programs, then the only thing you can do is either pay down your mortgage or wait till your value has raised to satisfy the lenders loan to value requirements for refinancing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

I assume that is a 2nd Mortgage Rate and not a 1st? If so, there isn't much you can do unless you can speak to the current lender to find out if they can help you reduce the rate.

If you are currently in a home that is FHA, VA, USDA or backed by Fannie Mae or Freddie Mac you may be able to refinance your 1st mortgage. If that is a 2nd mortgage you won't be able to refinance it until you do have enough equity to cover it. You may try talking with your current lender to see if they have any options available.