Check if you can refinance your current mortgage.
Call a mortgage professional to see if you qualify for refinancing and what the monthly savings will be.
Consider closing costs and the length of time you plan to own the property to fully understand if refinancing makes sense.
To speed refinancings Fannie Mae and Freddie Mac yesterday 11/15 said they would allow refinancing regardless of property value, lower some fees and uniformly waive most requirements that lenders be responsible for the original loan.
This should help the approximately 10.9 million borrowers whose residential mortgages exceeded the value of the property at the end of second quarter 2011.