Q. I have good credit, and I've never been late on my current mortgage payment. However, property values in my area have decreased, and when I tried to refinance, I was told that my current mortgage balance is more that what houses are selling for in my area. Is there any solution out there for me?

A. It's probably no consolation, but you are not alone in your situation -- especially if you live in a state that has suffered severe declines in home valuations.

Your situation is not hopeless, however. It really depends on how much value your home has lost, as lenders issuing conventional mortgages demand 20% equity in order to refinance. Even FHA loans require you to have at least 5% equity in your home to refinance a mortgage.

You might qualify for a Home Affordable refinancing, which is part of President Obama's foreclosure prevention program. It allows you to refinance a first mortgage for up to 105% of the current market value of the property. If you owe just a little more than your home is currently worth, that might do the trick.

To find out more, read our report on how Obama's anti-foreclosure plan works. It outlines the plan and tells how to find out if your mortgage is owned by Fannie Mae or Freddie Mac. It must be guaranteed by one the these two government-owned companies in order to qualify. If you are eligible, click on the Home Affordable Refinance link at the bottom of the page and you'll get full details on how to proceed.

Otherwise, you'll have to wait until home values begin to rise, which they will.