"Underwater" Mortgage debt

[crws]

We are currently going through a refinance. There are programs available if your mortgage is backed by Fannie or Freddie. If we are able to do this and our home appraises out, we will be able to save nearly $200/mth.
They say to calculate if it is worth to refinance, take the amount of closing costs it takes to do the refinance, and divide it by the amount you will save with the new mortgage to come up with how long it will take you to break even....and to see if it is even worth doing.
For example:
Closing costs: 3,000 / 200( we would save)=15mths to break even, to start the savings.

I think the unemployment needs to be fixed to cure the housing market, that and we all need to take responsibilty of our own bad decisions.

CRWS---What are the odds that I would go on this site, after being a member for about 2wks and see a pic of a home by our MLS? I am a Realtor in SW Florida...It's a small world afterall.

Yea, that's for sure!
Are you a union member, by chance?
http://www.unionplus.org/consumer-technology-home-savings
Highly recommended in the Mortgage Dept.