Is it possible to refinance?

I bought a new home 1.5 years ago and paid 290k and did an 80/20 loan. The loans are interest only 1st 10yr 232k @6.5% and 58K@11.5% . Since the decline of the FL market the house is probably worth 260k at best. Is there any way to refinance with negative equity or at least roll it into one mortgage with a lower interest rate?

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