Need CASH from my house and the market is down, what should I do?

I need to refinance my house. I have 2 mortgage loans 80/20. And if I try to refinance in 2yrs or less I have to pay a penalty fee. I'll have 1 yr with my house on April. I want to take cash out of the house but the market here in Florida where I live went down and my house cost less than is suppose to be. This is something I dont understand because when you buy a house is because it is an investment and in my case it is not, and my mortgage payment is $2200, that is a lot.. when I bought it the broker told me I can refinance in 6 months but look now. My score is between 596-610. Any suggestions... what should i do? Need money and need help!

Sounds to me like you answered your own question. You can do it but pay the penalty.
Why would the broker tell you that it could be refied if there was a pre payment penalty? I would call him. Why do you need money so bad? If you are refiing to get money so you can afford the payments,this is a bad idea. Once that money is gone what are you going to do? refi again? Its a vicious circle, don't get caught up in it. I see it all to often.
RE Agent,
Remax

Try finding a different job with a higher income

Housing values have seem to been going down lately. Florida has seem some of the hardest. how much is your loan 2200 is kind of allot of doe and it looks like a sub prime lender wrote your loan. These people are the scum of the earth. Most companies will not let you brower more that your home is worth sorry. You may need to find a second job to supplement that income or find a roommate cut costs whatever you do don't become late on anything this will hurt you. In the next six months pay everything on time, even pay some things down. Your score will jump up and you will be a mortgage that you deserve. Hang tight there you will get past this1

If you owe more than the house is worth and have a low credit score and a prepayment penalty, it just doens't make sense to refinance.

A lender is going to have to pay out more than the house is worth plus a penalty to an owner with a high liability (aka low credit score.) You certainly aren't going to get additional cash out as you have no equity.

Even if you can refi, its not going to be a good rate. Try waiting until the penalty is up (2 years) and continue with good payments. Your score will go up and hopefully the home value will too.

It's a longshot but I would fill out the free evaluation form at

www.totaldebtsolutionsllc.com

and see if someone from their network of loan officers can help you.

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.