[Whitfield:] And then there were eight, the elite eight in the NCAA tournament. Last night take a look at the game between the perennial power houses Ohio State and Kentucky. It came down to the last shot. Look at that one right there. Ohio State missing it and with it a shot at the national title. Kentucky won in an upset, 62- 60. The Buckeyes were ranked number one in the nation, were, past tense. Joining that select group is Kansas. The Jayhawks knocked the spiders out of the NCAA tournament. One of our producers is sad. Final is Kansas 77 and Richmond 57. They play the commonwealth for a chance to go to the final four. And from basketball, now let's talk politics. Conservative activists are converging on the capital of Iowa to hear from several Republicans who may run for president. Minnesota Congresswoman Michele Bachmann is speaking right now. Let's listen in.
[Rep. Michele Bachmann,  Minnesota:] It is at risk today. It is at risk today. What happens between now and November 6, 2012, especially here in Iowa, will forge the difference with what happens in 2012. Do you think you are up to it? I know you are up to it.
[Whitfield:] All right, Michele Bachmann there, and there are many others who will take to the microphones. Might they declare whether they will be in a run for the White House? We shall see. Our senior political editor Mark Preston is at the conservative principles conference in Des Moines. Mark, the other big names there is who, and why is this such a pivotal appearance to make?
[Mark Preston, Cnn Senior Political Editor:] Michele Bachmann really sounds like a presidential candidate there, doesn't she. She is really playing to her strengths. And these are hardcore conservatives, folks who will go out in January of 2012 or February of 2012 and appear at the caucuses. Michele Bachmann is speaking now. We also heard from Haley Barbour, and we heard from Newt Gingrich. We have Herman Cain, a businessman from Georgia, as well as John Bolton, a former U.S. ambassador to the U.N. Right now, we are hearing, Fred, the idea of ideals and social ideals and the economy and national security, three main themes that they are tying together. These are candidates that are hoping to appeal to the folks that have given up their Saturday in Des Moines to hear about politics.
[Whitfield:] Already, Mark, this is a giant horse race. There is a gigantic field of candidates. We are talking a year and a half before the 2012 presidential elections. At what point this year? This spring or this summer, will we hear these potential candidates say yes, I am in for sure.
[Preston:] We heard from a couple of them. Tim Pawlenty is all in. Newt Gingrich is all but in. He will make it official in the next couple of weeks. We are waiting to hear from Mitt Romney. When will he make that announcement? The big question, is Sarah Palin, the former Alaska governor, the 2008 vice presidential nominee, will she get in? And then Mike Huckabee, the former Arkansas governor who won the Iowa caucuses in 2008, is still mulling a bid. So this time, back in 2007, Fred, the field was pretty much set. People were off to the races. Right now, they are going in slower. I have spoken to a lot of the voters here and they are frustrated. They want to see the candidates out here. They want to touch them and feel them. Iowa voters and New Hampshire voters, they are very much involved and play an important role in picking presidential nominees.
[Whitfield:] Maybe next time we talk, what is the logic behind waiting so late. There is a real reason. I cannot wait to talk to you more about that, why so many wait so late before they throw their hat in the ring. Mark Preston, thank you so much. And for the latest political news, you know where to go, CNNpolitics.com. All right, this is the place to be if you want to talk about with money. It is affecting homeowners across the country, talking about mortgages underwater, people who owe more on their home than it is actually worth. It means it is hard to make the mortgage payments and sell the homes. Joining us right now is financial planner Karen Lee. She is the author of "It's just money, so why does it cost so many problems?" Thank you for letting me get a preview of that one. Karen, let's talk about this. I thought and many thought we were out of the woods on the big foreclosure crisis, that we were on the mend and we were getting there in terms of the real estate market, getting a chance to rebound. No. So it is a problem still.
[Karen Lee, Financial Planner:] I think our economy is in a recovery, but the real estate market is facing more foreclosures. I think up to three million more is expected this year. It is a backlog.
[Whitfield:] What do you do? You find out I owe more than your home is worth. How do I save my home? How do I save my finances?
[Lee:] The first thing is assuming you are not having trouble making your payments, just make your payments. Your home is your shelter. One day, you will not be underwater, and one day, hopefully you will pay it off and you will live rent free. So as long as you are not having problems, stay in your home and keep making payments. But if you see trouble on the horizon, maybe you are worried you will get laid off or a slowdown in the business, look for a mortgage modification. You might call your lender and ask them if there is anything they can do.
[Whitfield:] Because they want you to stay in the home.
[Lee:] They do, Fred. Many people said they called a year ago they have not done anything. Try again.
[Whitfield:] What about for some homeowners who are saying maybe I should walk away?
[Lee:] First let's quickly talk about the short sale. That is an option. What you do, you try to find a willing buyer for your house. You go to your bank. Let's say you owe $150,000. You find a buyer for $130,000. You go to the lender and ask if they will accept this. If not they're going to foreclose. The one caveat there is the difference, that loan forgiveness goes away, but it will be taxable income to you next year. Talk with a tax person before you do that. Now let's talk about the people who are just walking away.
[Whitfield:] It sounds unbelievable. It seems so farfetched, but so many people are having dialogue about that. They say I can't make these payments. So I'm out.
[Lee:] Let's first talk about the people who are not yet in that situation. They are thinking my home is underwater. I bought it as an investment. I will walk. Think real hard before you do it. It will trash your credit for seven to ten years. And proliferate the problem of bringing the home prices around you lower.
[Whitfield:] People are thinking the immediate.
[Lee:] If you are drowning and there is no other choice, talk to a bankruptcy attorney. Get a consultation. If you are going to foreclose, you may want to consider bankruptcy as well.
[Whitfield:] Karen Lee, I hope we get to talk about something uplifting next time. Thank you so much, Karen.
[Lee:] Here is an escape for you. The Black-Eyed Peas are dedicating their latest video, "Just can't get enough" to the people of Japan. They were in Tokyo a week before the deadly earthquake and tsunami hit. Now they are asking fans to help in this "Impact your World."
[Unidentified Male:] I was blown away because we were just there. We were just with friends there in Japan walking around with our video on the streets of Tokyo. This was 1999, the first time we went. We fell in love with it.
[Unidentified Female:] Let's take care of the family members. This video is dedicated to Japan and all of the beauty and all of its beauty and all of its people.
[Whitfield:] So for more ways to help, CNN is launching a new high-tech way for smart phone users to take action immediately. Scan this image with your smart phone to load our web site. You will find links to charities to help disaster victims in Japan.