Can i refinance my house now that the house value droped?

Brynn
we bought our house in dec. 2005 @ a 350, 000 and it is now valued at 259, 000.

Dean
Depends on the equity you have in your home. How much is left on the mortgage? My guess is that your loan is for more than the house is worth, in which case, you could refinance, but you'd have to bring a boatload of cash to thte table.

Dominic
you can only borrow around 90 maybe 95% of the appraised value of the home, so basically is you owe more than 225k on your house you have to ride out the storm.