Over the last several decades it has been very hard to go through underwater refinancing as mortgage lenders have not wanted to allow homeowners access to lower rates if they did not have a home that was worth more than what they owed. Unfortunately, this became the case all too often throughout the credit crisis and many homeowners struggled to make monthly mortgage payments. President Obama and his staff realized this to be the case so they decided to address the issue with the government Making Home Affordable program. It is now the case that it is much easier to go through underwater refinancing with the help of this government mortgage loan program.All homeowners are expected to do research and completely understand that not every financial situation will allow for a home mortgage refinance. Certain requirements must be met and one of these requirements is to have a credit score that is above 500. While this may seem easily attainable it is surprising to know just how many homeowners have struggled to keep a credit score above a certain level. When bills are not getting paid and bill collectors are calling every night it is probably the case that a credit score has dropped to a level very close to 500.At the present time the US Government sponsors one free annual credit report at the website annualcreditreport.com. It might be a very good decision to access a credit report and make 100% certain that there are no errors or mistakes that could negatively affect a credit score. With mistakes on a credit report it could end up hurting a credit score by as much as 100 points. This is one of the exact reasons that the government is providing one free credit report to every American citizen each year.By going through underwater refinancing it may be the case that some borrowers can save hundreds of dollars a month on their bills. As stated before, each financial situation is completely unique so it would not be advised to make the assumption that you can save hundreds of dollars by simply looking to refinance today. By accessing the Making Home Affordable website many American homeowners will get a much better understanding of what necessary steps must be taken to get through the mortgage refinance process in 2010. With President Obama working very hard to help all Americans there is no reason to pass up on this opportunity.