Government is soon going to launch a new refinance plan; the main aim of this program is to bring relief to home owners. Idea behind this plan is to lower the mortgage loan balances for home owners who owe more than their possessions are worth. It is estimated that 1.5 million upside down loans might be tailored through this plan. Home owners who are in danger of default can be targeted in initial plan.

Short Refinance from many banks is possible.The White House expects to access debtors who have been turned down as they may pay even when they owe much more than their houses value.