If my mortgage isn’t backed by Fannie or Freddie, are there any other refi or modification programs avalaible?

My mortgage is through Bank of America. I was told today that I didn’t qualify for Obama’s “Making Homes Affordable” program because my loan wasn’t backed by Fannie Mae or Freddie Mac. I’ve read that there are alternatives to this program if your mortgage is secured by another company, but I can’t find anything on it. I’m current on my payments, my home value has dropped since I bought it, the principle balance is just over 105% of the current value, and about six months ago, my wife started working about 20 hours a week less. Do I qualify for any kind of mortgage modification or refinance that is backed by the government?

You need to ask B of A which programs you qualify for. We do not know what your income is, credit rating, etc, they will be able to tell you.

loan modification programs