Advice on An Upside Down Rental

[Kevin Quinn]

I bought a single family home in Florida in 2005 to use as my primary residence. When I had to move out of state, I converted it into a rental. I currently under water on this mortgage by about $20K. The rent I am able to collect is around $1200 per month which is far below my holding cost of $1550. I have an interest rate of 6.125% and thought that I might investigate refinancing the property. At this point I'm not sure about the best course of action. I hesitant to refi and add more negative equity with closing coats, as well as start the