Start making the payments at the higher rate now. By the time it adjusts, you should have significant equity to allow for the refi at the going rate. 2 years more years of paydown + appreciation.
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I'm not 100% certain, but you might be able to write off the loss also. Someone with better knowledge of tax laws can probably chime in here.
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Since the gains from selling a residence are not taxable (within reason), neither are the losses.