Can you refinance a house if your principal loan amount is more than the current house value?

I would like to refinance as my current interest rate is nearly 8% and my monthly mortgage payment is ~1,250.00. However, the principal loan amount is 156,000 and the house is currently valued 20,000 less than the loan amount. I plan on living in the house for a few more years at least and would definitely like to lower my interest rate & monthly payments.

Thanks in advance for any information you can provide me.

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