The Obama Admin will announce new guidelines for those wishing to refinance. The old rules only let you refinance your home if your "loan to value" rate was under 25% loss (or better). So those in hard hit real estate areas were pretty much out of luck. Now the "cap" for LTV (loan to value) rates has been eliminated. Also, guideline for appraisals will also be loosened as well. Keep in mind, this is not a loan modification program so you must be current on your mortgage payment. This program is to allow more people to take advantage of the LOW interest rates now available! Good News for you and real estate!