I think you have about a .00001% chance of getting a short refi if you have ability to pay the existing payments and are in fact making the payments.

If you’re in a $1 million plus home you are probably going to see more devaluation over the next few years. I would sit tight with the low interest rate for now and then play chicken with BoA when the devaluation appears to have run its course or when your payments are about to spike. I would get comfortable with the fact that you’re probably going to have to stop payments and force BoA to choose between foreclosure or a short refi.