As part of the Administration's Making Home Affordable program loans owned by Fannie Mae could be modified by steps that include reducing the interest rate, increasing the payment time period, or principal forbearance.
In order to be considered for modification you will need to be living in the home as your personal residence and originated the mortgage before January 1 , 2009.
You can call Fannie Mae or your lender to find out if your loan is a Fannie Mae loan. The number for Fannie Mae is 1-800-7FANNIE. Or you can look up your loan here.
To learn more about this program including additional eligibility requirements, visit Making Home Affordable.
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