Interest rates have hit a historic low, with average rates for a 30 year fixed mortage coming in at under 4%. However, homeowners like Maria Lenz are unable to refinance because their home is under water.

"We've never been late [mortgage payment], we have 800 credit score, my husband and I. There's no reason why we shouldn't be able to get some kind of assistance," Lenz said.

For those who are current on mortage payments, there is some new hope. At the State of the Union address, President Obama revisited a plan first brought up in fall 2011. The plan is to help responsible homeowners who have lost value on their home refinance under an extension to the HARP program.

"Extending the availability of the HARP program to reach more people...That was basically what was initially brought up in November, but now it's going to be executed," said Eric Stevenson, vice president of US Capital Mortgage.

The Obama administration has provided minimal details on the plan, but industry experts say once in effect, homeowners could possibly refinance their property up to 150% of the home's value or even have no limit at all.

"150 is pretty aggressive...especially in this area...I don't think we're dealing with a lot of people that are upside down by more than that," Stevenson said.

Though there's no assurance on when and how the plan will take effect, Stevenson says he's optimistic that homeowners could soon see the benefits.

"From an industry standpoint, we're already seeing certain guidelines trickle through but what happens is it takes time. The President comes up with a plan, he executes his plan to where yes we are going to do it and now it's how are we going to get it done," Stevenson said.