The Home Affordable Refinance Program, is a product available to you if FNMA or FHLMC owns your current loan. It allows you to refinance your home if you are not able to refinance traditionally due a decline in value of your home. You must be current on your mortgage payments and your file will need to be fully processed, similar to other loan programs. An appraisal may not always be required. Check to see if your loan is owned by FNMA or FHLMC to see if this is an option for you.