could you share your thoughts about refinance please?

[roscoeroscoe]

Hi, I'm stuck. We have my wife's parents living in our house while I'm serving in the Army. We're getting killed by the original mortgage my wife has--8% something interest. Trying to refinance and understand the best way to go.

They're giving us $300/mo. toward $940 mortgage payment. I think that means because we're getting less than market rent we can't claim any expenses (like depreciation) more than what they can give us?

It seems the only refinance we can look at is the rental property type loan, a little more expensive/difficult to qualify for. I don't seem to qualify for HARP because we're not living there.

It feels like a real catch-22. Any advice? Thanks!