No on Refinancing

I've given up trying to refinance my rehab. No one is willing to take on a loan to me since my debt to income ratio is too high per current underwriting standards and "No Doc" loans are definitely out of favor - even with a FICO score of 750.

So now I'm stuck losing $600 a month on this property. If I didn't have $50K of equity in it, I'd just walk away from it (the loan is not in my name). I was hoping the ARM would adjust since interest rates have dropped so much, but so far the loan is still at 11%.