President Obama headed to Nevada on Monday to unveil a new plan to help homeowners who are behind on their monthly mortgages.

In Las Vegas, a city hit hard by foreclosures and sagging home prices, President Obama will introduce an initiative to help homeowners refinance.

The program would allow borrowers get cheaper loans regardless of how far their home values have fallen.

The new refinance plan is only for homeowners who are current on their payments and have federally approved mortgages.

According to Realty-Trac, Las Vegas has the highest number of foreclosures in the country.