I have a condo that I am currently renting that I lose $125/ month. The interest rate is 6.85%. I owe $79,000. Worth $60,000 .help

Your only help that I know of is if it is Fannie or Freddie owned you can do a HARP loan, which is for homes that are upside down. You can do a Harp on a primary,secondary or investment property.

We need to know if you have a Fannie, Freddie OR FHA loan. If so, we can help. Give us a call 800-446-9043 ext 801

Contact a local mortgage broker. Let them help you determine if there is something you can do. There are some options for some people who are underwater on their home and want to refinance. Doesn't work for everyone, but it works for many. www.HARP-Refinance-MN.com

If you have an FHA loan on it now, you can do a streamline refinance, no appraisal would be necessary.. if it's HARP eligible, you can refinance and it's possible no appraisal would be necessary.. if neither of these will work, then your only option would be to wait till the value increases or the loan is paid down... 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

Is your loan backed by Fannie Mae or Freddie Mac? If so, you can potentially qualify for the HARP refinance program, which is specifically for underwater borrowers. If you have an FHA loan, you could also completed a streamline refinance.