Elizabeth,   Many of us are stuck like you.  We have a first and a second and 21 months ago our loans did not come close to the apparised value.  Now our home has dropped $235K.  That means our first is more than the house and the second is virtually out of the question.  Obama's plan was to keep people in their homes; however, even on his web site months ago it was stated that once the amount of people who are in foreclosure comes down there will be a program for those that have 1st and 2nds and virtually the house is 1.6 times as much as the current value. 

We are grateful that for now we have our home but we had a 1st with a 5/25 and that means that this year it is adjusting.  if interest rates go up we are in big trouble people our first adjusts every 6 months and our second adjusts every month.  I think whne interest rates start rising people on your and my situation will have trouble and Obama will then be addressing the rest of us. 

My biggest issue is the new home building.  There are so many communities that have limited new home growth but I think that type of limitations needs to be exercised by all counties and states.  None of us will ever recoup unless these new homes are not readily available. 

Elizabeth, please check out www.FacesOfForeclosure.com

You won't be able to refi just because your property value went down. Most of America is in that boat and that is the way of the world -- values rise and values sink. That's true of any investment. Property values will go back up eventually.

Refis are for people who've lost jobs and/or are facing foreclosure and even at that they are difficult to maneuver. It takes months. If you cannot pay your mortgage, contact NACA or ACORN, both of whom can be found via the Internet.

But, again, if you are not facing foreclosure, they are overwhelmed and are helping the 1-2 million people who are in danger of losing their homes (on top of the 2+ million homes that have already gone down the drain).