Can I refinance my second mortgage?

Q: My first mortgage is $256K, and my second lien is $74K. I'm not sure what the house goes for now, but I want to refi my second mortgage into a lower interest rate and payment.

A: You may be able to refinance your second mortgage. Given home price declines, your best bet might be to contact the existing holder of the second mortgage. If they aren't a mortgage lender, and if you have at least some equity, you might be able to refinance with a new lender. However, that may prove difficult in today's lending climate, so you'll need to shop the market very thoroughly to see if you can find an interested lender.