It's not an embarrasement to say that you may have a mortgage that is "underwater". This simply means your timing could have been better. Some of us have purchased properties at the top of the market in 2006 and 2007. If you bought in states like Florida or Nevada at that time, it's almost a given that you owe more than your property is worth. This link may help you and may answer questions about refinancing. The HARP Program is available to many homeowners, so check it out.