Mortgage Loan Modification and refinance?

I purchased a condo with a interest only 5/1 loan.I purchased a home at 100K appraised at 145K this April. I am thinking of renting out the condo but, I must refinace on the condo becuase I am due for the rate change by May 2010. The condo are appraising at 35% less than what I purchased for.

Am I eleigible for loan modification. My loans are from a Bank and I am not sure if they are backed by Fred/fen

Also, becuase I lived in the condo for more than 3 years before purchasing the home, am I eligible for Obama’s tax concessions

What are my best options to refinance and keep the condo….

Thanks
I have a 5/1 loan which would adjust next year. What are the steps to be taken for a loan modification. My House appraised 35% less than my purchase price/existing loan.

I am up to date on all my payments and never late. Would the bank perform a credit check to consider the modification option. I can prove the hardship (lost job for last 4 months and found one with low pay).

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