Some added relief for frustrated homeowners trying to lower their monthly payments.  The President announced today he’s expanding his mortgage refinancing program to let more borrowers take part in his foreclosure prevention plan.

As it was announced back in February, homeowners with loans up to 105% of their home value qualified for the refinancing program. The new eligibility has an extended limit of up 125% of the home’s appraised value. So far about 20,000 loans have been refinanced, according to Treasury.

More than 20% of borrowers are now underwater, meaning their mortgages exceed the value of their property, according to Zillow.com, a real estate Web site.

If you think you meet the new requirements talk to your existing bank about applying for the program. Remember – banks get incentives ($$) from the government for helping you out, so don’t be hesitant to ask them for guidance.