TIC, for those unfamiliar with the term stands for TENANTS IN COMMON, a method of taking title with more than one owner (like the others, e.g., joint tenants, community property, sole proprietor, etc.). As you're discovering, and perhaps with a bit of consternation, it is increasingly difficult to get lenders to lend money as liberally as they once did. This is true, as a responder to this post mentioned, because the secondary market, still reeling from the major hurt of the mortgage melt-down, was left with few buyers for the new mortgage loans to be made. The major "buyer/investor" for many mortgage backed securities nowadays is the government. As such, underwriting became stricter, and the purse strings tighter. The bottom line is that even in a robust market getting some additional financing was premised on who the borrower (qualifications) was, and the collateral being used for the security (the property). These two major factors play into your problem. If your property has adjusted (downward), as have a great majority of properties, the security is lessened causing many lenders to shun this type of financing package. If you didn't already try, go back to the lender you have and see if they have anything to offer, if you find, like many are finding nowadays, that the lender puts up more roadblocks to the intended plan, rest assured that you'll find a similar outcome with a majority. If you go the traditional route, you'll get a predictable outcome. You'll probably need to seek out some alternatives, e.g., a credit union or even a hard-money lender, to achieve that refinance. However, be prepared for a lot of red tape.