Subject*Condo refinance

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We have an investment condo on Brickell in Miami. Bought in 2006, 20% down on a 40 year old interest only loan through BoA Fanny Mae at a 6% interest rate. The purchase price was 285000, current values are under 200000. Our tenant pays 1400 which covers the mortgage but not the $323 HOA monthly fee. We would like to refinance but BoA and Quickens wont do it as they say that Fanny Mae has a blockade on condo refinance. What can we do in order to get a shorter loan at a much lower interest rate? Are there any other lenders that would be interested?

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