Fannie Mae will be giving homeowners loan modification help. DU Refi Plus will allow a homeowner to refinance their existing mortgage up to 105% of what the property is worth. If you are upside down more than this on your home you may be out of luck. You should still talk to your bank or mortgage holder to see if you can get a loan mod from them.
How Do I Qualify For A Loan Modification with Fannie Mae?
1. You cannot get cash back of more than $2000.
2. You can only redo a first mortgage. You cannot pay off the balance of a 2nd mortgage.
3. You cannot get a fannie mae loan mod with DU Refi Plus if you have an interest only loan.
4. No refinancing of MyCommunityMortgages.
5. No Balloon Mortgages.
6. No arms with fixed rate periods of less than 5 years.
Contact a mortgage loan officer to see if you can get a loan modification with the DU Refi Plus.
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