Can you refinance a rental home if the value is less than what we owe? apprx. $20k less.We have two homes, one is a rental home and the value of the home is less than what we owe, approximately $20k less. It is being rented out for less than the monthly payment. We would like to refinance the loan amount, can this be done?May 20 2009 - Campbell-Grant00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.