What government help is available for an upside down mortgage?

If you are in an upside down mortgage and face foreclosure on your home, you may be eligible for government assistance through the Making Home Affordable Program (HAMP). The program includes refinancing, modification and foreclosure alternative options. To be eligible, you must have a loan that was initiated before January 2009. You must be current on your mortgage payments, but you must be able to show that you will have difficulty making those payments in the immediate future. Typically, this occurs because you took a subprime loan and the interest rate has adjusted or is set to adjust. In this case, you may be able to secure government assistance.