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How can I get a lower rate if the value of my home is less than I need??

We bought our multifamily tri-plex for $320,000 in 2007. Zillow now shows the value at $219,000. (it was valued at $375k when we purchased). We owe $274,000. Our current intereste fixed rate is 6.675%.  At one point about a year back the value was almost back to $290k and we thought we were getting close to being able to remortgage, but its been dropping ever since. Please help with advise.
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July 31 2010 - Fall River
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Sue,

Since I now know the you have 3 unit primary, I am assuming in Fall River?  The Zillow value is not necessarily accurate.  Send me your address and I will pull up some comparable sales and send them to you, it won't be an appraisal but it will give you a better idea of value.  You have the other property that you maybe able to cash out on, but I think the primary LTV will have to be 75% maybe 70%; so an accurate value is the only way to know if you can pull this off.  Look up Andrew Adams from Salem Five he posts here on Zillow.  I refer a lot of my business to him, he is honest and will let you know if you have any hope in refinancing.  When you send me the address I will forward you his Vcard.
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July 31 2010
 
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How can I get a lower rate if the value of my home is less than I need??
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