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.

H4H stands for Hope for Homeowners.  This program was created by Congress to help those at risk of foreclosure and losing their homes.  It makes refinance options available that would not be available under conventional loan guidelines.  The program is effective until September 30, 2011.

How Does H4H work?

If you are having problems meeting your monthly mortgage obligation, Hope for Homeowners may be able to assist you by refinancing your current mortgage into 30 or 40 year options to lower your monthly mortgage payment.

Who do you call if you are behind on your mortgage and need to modify your existing mortgage?  If you are behind on your mortgage and are facing foreclosure you should call your existing mortgage company at once.  Look for the number on your most recent statement.  Here is a list of the larger banks and the phone numbers of their loan modification departments.

GMAC Mortgage 800-799-9750

Wells Fargo  800-678-7986

Citigroup, Citibank and Wachovia  866-272-4749

JP Morgan Chase, Chase, Wamu, Washington Mutual  866-550-5705

Countrywide  800-669-0102

M&I  877-473-4333 or 877-849-6160

If you are behind or know that you are going to get behind on your mortgage, don’t wait until it is too late.  The sooner you start the more likely you will end up with a favorable result.  Save your home from foreclosure and make the call today.  You home is worth saving and loan modifications do work.  You do not need to pay someone to do a loan modification, you can do it yourself.  Use this information to save your home.

What is Obama’s mortgage bailout plan?  Incoming president Barack Obama has taken the position that he will change the direction that has been taken by the treasury and Henry Paulson.  He has talked about doing national foreclosure moratoriums and about the kind of asset purchase program that the FDIC is encouraging.  It is also likely that Obama will replace the current Secretary of the Treasury has fallen under criticism for using bailout monies to bail out the large banks rather than help the average guy on main street.  The trickle down theory starting by giving money to big bank-ers does not appear to be working.  Obama has been outspoken about having a trickle up plan and helping struggling home owners avoid f foreclosure.-

If you need assistance with a loan modification please call toll free 1-888-368-6668 for a no hassle mortgage review.