Can you streamline an 80/20 that is not a fnma or fhlmc? With high ltv?

The first order of business would be to determine if you are eligible for the HARP refinance whereby your first mortgage is owned by Fannie Mae or Freddie Mac.

For Fannie Mae you can go to: http://www.fanniemae.com/loanlookup/.

For Freddie Mac check out: https://ww3.freddiemac.com/corporate/.

If your first is owned by Fannie or Freddie you certainly have a chance but you would only be able to refinance the first mortgage and the second trust deed holder would have to agree to re-subordinate (or go back into the second position.)

Once you have established that the first is Fannie or Freddie owned you need to know the approximate loan to value (LTV) and combined loan to value (CLTV.) The loan to value is simply what you owe on the first divided by the estimated value and the CLTV is determined by adding the total owed between the first and the second mortgages divided by the estimated value.

For example: Home value is $95K. You owe 100K on the first and 30K on the second. The LTV would be $100K/$95K (or 105.26%) and the CLTV will be $130K/$95K or 136.84% CLTV.

For value purposes there is an array of options but sticking with something simple like Yahoo Real Estate should be a decent starting point. You can type in your home’s address by going here: http://realestate.yahoo.com/Homevalues;_ylt=Ak3ywcAFYQc4uUdxnj.T1huWxol4. This site will show you the Zillow value as well as a value from another site eppraisal.com (where available.)

For the current HARP (1.0) the current LTV restrictions are 125% maximum for your first mortgage. Although the guidelines say that a Fannie Mae loan can have unlimited CLTV there are only a few lenders that will allow it to be unlimited.

With an eye on keeping things simple I would definitely start with the Fannie/Freddie search and if there is a match step two would be figuring out your estimated loan to value and combined loan to values. At that point it is best to contact a mortgage professional licensed in your state because different lenders have different degrees of what they can and cannot do with this program.

Moreover, a professional will advise you as to whether or not your second lien holder will be open to subordinating their junior lien given your current parameters.

If you are upside down and neither Fannie or Freddie owned I am afraid you are going to have to stick it out or contact the owner of your note for modification options.