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The best thing he could do is work out a deal with the bank to either short sale the house, or give it back to the bank and get a release.
Your phrasing of "purposely over-appraised the house by at least 25% and gave him a 3 year APR refinance loan" is kind of interesting, in that it seems to want to lay blame with the bank. "Gave" him a 3 year APR refinance loan? They didn't "give" him anything, any more than he "took" a 3 year APR from the bank. Also can't see what the point of "purposely over-appraised the house" is. They only loaned him the money he wanted to borrow.
He screwed himself.
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