Can We Refinance a House That Is Now Worth Less Than the Mortgage?

refinance

We bought the house in 2006 for about $251,000, place 20% down and have a mortgage of about $194,000 left for 30 years at 6.6% interest. Looking at the house value, it is now probably only worth about $190,000 or so and want to refinance with new rates at about 5%. We have never been late on the payments and cannot show a financial hardship. Any suggestions?

Refinancing a House That Is Upside Down? I Heard That There Is a New Law That Allows This but?

refinancing

i’ve been told by mortgage loan companies that they cannot do this. I tried looking up the law online but I haven’t found anything significant to me. There are programs for veterans, but what about the rest of us? I currently live in CA. Any advice or helpful tips would be appreciated. Thanks!