I just received California Association of Realtor news about the homeowner affordabitiy and stability plan details. According to their interpretation the plan contains 3 main components and only applies to primary residences.The loans referenced in the plan cannot exceed Freddie Mac/Fannie Mac conforming loan limits($417K but check this with a lender).
The first compnent is directed toward homeowners like you suffering from falling house prices who still have equity in their homes, but no longer hace 20%equity needed to refinance. Under the plan homeowners who have conforming loans owned or guaranteed bu Freedie Mac and Fannie Mac will be allowed to refinance their homes, even if you do not have 20% equity left in the house.
You need to contact a lender and he/she will order appraisal and determine your equity. I can recommend couple of good and experience lenders if you need one. But you need the same documents you had to have when you bought the house(ie pay stub, tax returns, credit card informations...and so on).
More details will be coming on March 4.
Please call me or email me if you need a good lender to talk to.
Prudential California Realty