Loan Modification to replace IO Loan?

[Mike]

I have an interest only loan, which I think was a big mistake, and I want to get into a fixed loan. The loan I have is fixed for 5 years from the start of the loan and I have 2 years left before it changes. I haven't missed a loan payment, and I have good credit. My concern is when the loan changes, what is going to happen to my mortgage payment. I attempted to refinance and according to the appraiser, the property is half the value of what I bought it for. So I owe more then the property(condo) is worth. I think the appraiser is full of crap because the tax assessors assessed the property 3 months before and said I still had some equity in it. I wanted to get into a bigger house but I am stuck with this condo. I can rent the condo out, but I am concerned about this IO loan. I don't know if I can afford the payment if it goes sky high. Can I call my bank to see if I can get a modification on this loan to make it a fixed loan? How much will the loan change after the 5 years on an interest only loan? Does anybody have any suggestions for me? Thanks