These special programs are called HARP or HAMP depending on which may be applicable to your situation.  They provide the following key elements:

 1)      A $75-100 Billion program

2)      Objective is to reach 7-9 million homeowners before delinquency

3)      Must be an existing Fannie Mae or Freddie Mac owned loans to $729,750 that are conforming (not    jumbo)

4)      Can modify loans up to 125% Loan-to-Value for “upside down” mortgage with no mortgage insurance

5)      Reduced interest rate to as low as2+% for a 5 year period.

6)      Extend the term to 40 years

7)      Temporarily suspend principal payments

8)      Must be your primary residence for the 1^st Deed of Trust only.

9)      Gives lenders incentives to fund this loan anywhere from $1000-$1500

10)   Homeowner does not have to be “upside down” on their mortgage

11)   Credit scores may not be applicable 

 First, determine if your 1^st mortgage loan is Fannie Mae or Freddie Mac owned – see the links below for that.  Then research the other links to see if you qualify for the loan modification and the terms that may be offered you. 

 General information about the Making Home Affordable Program

http://www.makinghomeaffordable.gov/

Fannie Mae Loan Look-Up

http://loanlookup.fanniemae.com/loanlookup/

  Freddie Mac Loan Look-Up

https://ww3.freddiemac.com/corporate/

  HAMP program administration site

https://www.hmpadmin.com/portal/index.html