Be aware that scams do exist and you more than likely stumbled upon one. Such sites are third party sites and the information is fed by various sources, so data is not really verified. If you choose not to work with an agent of your own always verify ownership before exchanging any money/personal information--make certain they are who they claim to be. Never wire any money, if it sounds to good to be true, it is. For scam related information see links.
Being frank with you... It's fairly difficult to refinance a rental property with less than 25% equity on the home. It depends on how much you currently owe versus the value of the home. If you state that the appraisal value is $53K over the loan amount, the $53K must be 25% of the loan amount. Now you do have options. Option 1: I would check to see if your home is owned by Fannie Mae or Freddie Mac... Reason being is that you might be eligible for the HARP 2.0 program which allows you to refinance regardless of the loan-to-value ratio. Option 2: You can borrow against your 401K and reduce the principle balance to have at least 25% equity and then refinance. Borrowing against your 401K allows you to pay yourself back and the interest accrued when you do so. I'm not an expert on 401K but originating mortgages since 1994, I can tell you it's pretty difficult to do so. Also, with the FEDS tapering down the purchase of bonds, the rates have started to rise. Given today's rates you are either in the mid 4's or low 5's percentage wise.
Hope this helps!
Retail Sales Manager
Everbank Home Loans... more