is it viable to refinance

Hi!
Welcome to the forums!
You don't have much home equity in your home. So, I don't think you'll be eligible for refinancing. However, if any lender still allows you to refinance the loan, then you can go for it.

You've mentioned that your property value is $60,000 whereas your mortgage amount is $75,000. This means that you won't have any equity in your property. Rather, you're underwater. In such a situation, it's quite surprising that your lender has offered you a refinance. Keeping in mind the present market situation, the lenders won't refinance if you don't have equity in your property.

However, you can always go for the less-popular option of “Cash-in refinancing”. In this option, you, the borrower will have to bring cash to refinance in order to reduce the amount you owe on your mortgage. This will help you build equity in your property and then get refinance. As home values have dropped and equity in the properties have dipped, quite a number of people are using this option to get a mortgage refinance.