the mortgage market facing a sudden crisis, more homeowners are finding it difficult to sell off their homes. According to a survey done by an organization, the demand for single family residences have dropped to a 15 year low. Home purchases have fell 12% in the month of June and are likely to fall more. In the month of July the number plunged almost more than double and reached a 27%. It is seen that one among five homeowners have fallen back on their monthly mortgage payments and are seeking a refinance.

According to the recent news, foreclosures are expected to rise severely this year and also in the approaching year. With such disheartening statistics of increasing foreclosures, homeowners are not left with many options. But fortunately though, refinancing your current mortgage is perhaps one of the best options and the most viable one to adopt by a homeowner. The underwater homeowners who lack the ability to arrange their monthly mortgage payments are taken care of by the US government. The government programs are making refinancing possible, especially for underwater owners. Nowadays borrowers do not require having an FHA insured loan to qualify.

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