Can I refinance a home when I have lost value in the home?

Lets say I have lost about $5-10K in my home value. Can I still refinance? How would that work? What would be the pros/cons?

With this new stimulus bill, it may be possible. You still have to qualify under the bill's guidelines, but I would touch base with a local lender and find out. You may still be able to refinance, even if the bill isn't helpful to you. But don't wait until you are struggling, check now. Remember; information is power

It depends on if your home is still worth more than you owe on it. If so, yes you can refinance. If not, no.

You can refinance a home if it has lost value as long as TWO things do not happen:

1. The appraiser cannot put on the appraisal that your home is in a 'declining market'...this is an automatic denial with many lenders.

2. The amount you are seeking to refinance must be LOWER then the home's current appraised value.

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