As mentioned by the two lenders who have responded, the type of mortgage you have right now will determine what your options will be. Contact a licensed mortgage loan orginator and discuss your situation in detail. That is the only way you will know the correct answer.
To clarify, 125% is no longer the maximum for refinancing if you have a FHA, Fannie or Freddie loan. I would agree there are many lenders (think, Big Banks) who are squashing homeowners' attempts to take advantage of the stated parameters of HARP 2.0 (Homeownership Affordability Refinance Program) but, thankfully, there are still lenders out there who will do refinancings of unlimited loan-to-value. Many lenders do NOT offer over 125%, heck a good number of us don't offer HARP at all, but there are some of us whom do offer the program as it was meant to be--unlimited loan-to-value and combined loan-to-value (if you have a second mortgage); transfer of mortgage insurance, etc. You just have to find them.