Uncle Sam, may I refinance or not?

Many Americans bought a house that they now owe more on than it is worth, and are being crushed by payments and can't sell. Obama has come up with some solutions, one of them being The Home Affordable Refinance plan: here is the scoop~

While mortgage rates are now at historic lows, many homeowners with mortgages owned by Fannie Mae or Freddie Mac are unable to refinance their higher-rate mortgages because they have lost equity in their properties due to falling home prices. Under current rules, Fannie Mae and Freddie Mac cannot guarantee a mortgage that exceeds 80 percent of the home's value. The Home Affordable Refinance plan removes this restriction, allowing certain homeowners to refinance their mortgages.
A homeowner qualifies for this refinancing if:
The property is owner-occupied and the existing mortgage is current
The existing mortgage is owned by Fannie Mae or Freddie Mac
The new mortgage balance will not exceed 105 percent of the home’s current value
The mortgage balance must not exceed $729,750 for single-family homes

The plan runs until June 1, 2010.
If you think you qualify, call your lender!