I have a FannieMae loan and I'm looking for information and direction around a HARP refi and the Second Lien Modification program. Based on the AVM appraisal model, my LTV is around 135% (both loans combined, both taken out in 2008).
Due to sufficient income I was turned down for a modification on my first mortgage, which has resulted in a monthly payment increase from $1300 to $2300. My HELOC payment will reset starting August 1st and my monthly payment will increase from $ 400 to $1400 a month. My credit score is 844.
Any assistance with how to approach the restructuring of my mortgage debt and make my total mortgage obligations more affordable would be appreciated.