There is a new Federal Program For Homeowners that will benefit primary homeowners and investors to refinance their primary home, second home or investment home... the best part is... this is for you if you are suffering from a loss in property value! As you may have already experienced, you cant refinance a home less than its current market value because home values further decreased as a result of recent government intervention to the financial markets. HOWEVER, to help the individual homeowner during these times, you can refiance your home if you have always made your mortgage payments on-time. What you need to do is contact your current lender and ask if your loan is owned by Fannie Mae or Freddie Mac, if so, show that you still have income and your lender will work with you on refinancing the home even if it is worth less than the current market value! For those of you wanting to sell your home, this may not be an answer, but it at least decreases your monthly payment or possibly gets you out of an ARM that is about to reset and gives you more time should you be in a situation where you need to move and possibly give you the neccessary time to work with others on possibly trading your home.