Recently our president authorized refinances up to 125% of the value of a property. Sadly this is a dismal failure and in my opinion a feel good public relations stunt.

Staying clear of politics, the plan simply has no basis in reality. No lenders want to buy these loans, and no PMI companies will insure them. Washington may say they are available but until there is a market for them you have a better chance of building a rocket in your yard and getting to Mars than you do of finding a lender that will refinance you if you are 'upside down' on your mortgage.

My advice, if you are behind on your mortgage, is to contact your mortgage company directly and try to work out a new loan. You don't need to pay a 3rd party to do this (some will charge up to $4000! ) . Your mortgage company does NOT want your house back and WILL try to work with you.

Good luck and contact me for further details or questions at vince@firstcaplend.com