what happens if i owe more on my house than it is worth?

If your home is Fannie Mae or Freddie Mac there are options to go upto 125% Loan To Value and Unlimited Combined Loan To Value if you have a 2nd mortgage. Contact me at joleary@americahomekey.com or call 360-915-9609 -- Thanks Jake O'Leary

You can refinance under the HARP program, but depending on your state there might be funding from Hardest Hit funds to help pay down your loan