I look in many places to find content and try to answer questions where people are looking for answers. I recently started working with a fitness trainer, Mike Sweeney of Sweeney's Gym on Howell Ave in Milwaukee. We started talking about what it is I do for a living. When I told him he said that his clients, the people in his business network and charitable organizations he helps are always talking about the state of the housing market. The fact that people are upside down on their mortgages is concerning. There are no easy answers.

The government has a program currently in place that if you have only one mortgage on your property that you can refinance even if you are upside down on your mortgage. The rates and underwriting are the same as if you were taking out a normal loan. If you had 20% equity in your home before the refinance, you will not have PMI after you refinance. That is a very easy process to complete.

Most people who are upside down have 2 mortgages on their property. That is a little more difficult. I do not have any lenders that will exceed 95% of the homes value when you try to refinance a first and second mortgage. Combining the 2 mortgages would be considered a cash out transaction and be limited to 85% of the homes value. The best way is to reduce the balance on the second and just refinance the first mortgage at these great rates. It is not the optimal solution but it will save you money. I was recently quoted in the Milwaukee Journal Sentinel and another contributor said that going to the Bank of Mom and Dad maybe the answer. Again this is not optimal but it is a solution.

Lenders have stopped being creative when it comes to solving the problems with the housing market. It will be up to the home owners to pinch their noses and swallow that awful medicine. I wish I had better news or answers but these are the current Milwaukee Mortgage conditions.

My body is the epitome of having it way to good for way to long. Thanks to Mike Sweeney I will be feeling the burn and getting my fitness house in order. Mike tells me to be balanced in my approach. That is the way everyone should attack their financial situation. Start out slow and get a handle on the problem. Get on a financial diet and bring down that bloated mortgage. It can be done but it will take commitment.