I did an 80% 1st - 20% 2nd when I bought my condo in 2006

First of all, there is no lender out there willing to refinance 2 loans into one where the LTV will be greater than 100%... With poor credit, high Loan to Value, and a condo.. You won't have a chance no matter where you go... if you could improve your credit, you could do an FHA refinance and combine both loans into one, but you would have to be at 97.75% LTV or lower. You will pay PMI, but you can do it.. 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. 480-287-5714 WilliamAcres.com

Unfortunately your options are very limited if there are any at all. Since you refinance 1 year ago you will not qualify under the HARP program. Unless you have enough equity in your home and can refinance under 100 percent loan to value you are likely stuck with the mortgage you have now.

You have multiple issues. Poor credit will make anything difficult. Next, lender is interested in an underwater mortgage, and programs like HARP, which allow you to refinance an underwater 1st mortgage DO NOT let you add in or combine your 2nd mortgage.

Lenders give loans based on three circumstances loan to value, credit and income. If anyone of these are compromised it can be challenging to get lenders to finance. If your credit scores are in the the low 600's there are many things you can do to get it up to at least 620. 5.5% is high for a loan that was done one year ago. I would deal with another lender the next time you are able to refi.