Great news, the Home Affordable Refinance Program (HARP) has been extended through 2016! This is a refinance program that is aimed to help borrowers who are currently underwater (mortgage > home value) lower their mortgage payment by refinancing.
This program can help borrowers who have a Fannie Mae or Freddie Mac loan that originated before May 31, 2009. If you bought your house before then and are currently underwater, you may be able to refinance to lower your rate and avoid mortgage insurance (if you did not have mortgage insurance when you bought the home). This is an amazing program which more underwater borrowers should take advantage of. That is why it has been extended through 2016!