Should I refinance if i owe more than my house is worth?

I have two mortgages, 1 is a 30 year fixed at 6.5% and another at 8.5% interest only. If you combine the amount i owe on both with the market, my house is no longer worth as much as i owe. However if you look at them separately, my house is worth more. Should I [...] http://bit.ly/kjdZ06