Does Fannie Mae Own Your Mortgage?

May 12, 2009

fannie_mae

The Fannie Mae Loan Lookup enables mortgage borrowers to quickly determine if Fannie Mae owns their loan by providing a street address, city, state, and zip code.

Borrower Beware….in fine print  at the bottom, it states that “Fannie Mae makes no representation, warranty, or guarantee regarding the accuracy or completeness of the results. A search that results in “Match Found” status does not guarantee or imply that you will qualify for a Making Home Affordable refinance or modification. You should contact your mortgage lender to verify these results.”

So what does it matter if Fannie Mae owns your mortgage?

If your mortgage loan is owned by either Fannie Mae or Freddie Mac, you may be eligible for certain refinance or modification options under under President Obama’s Making Home Affordable Plan.

***NOTE: You may also be eligible for modification options even if your loan is not owned by Fannie Mae or Freddie Mac.***

Advertisements

What’s More Damaging To Your Credit: A Short Sale Or A Foreclosure?

May 12, 2009

CNNMoney_LOGO2.0

According to Gerri Willis, Money magazine contributing writer and host of CNN’s “Your Bottom Line,” a short sale in which you negotiate with the bank to sell your home for less than you owe on your mortgage, will have a dramatically negative affect on your credit.

That said, if you’re underwater on your mortgage and you need to move, a short sale is a better option than foreclosure. Going through foreclosure will make it very difficult for you to get a loan for at least three to five years; if you’ve done a short sale, you may be able to qualify for a new mortgage within two years.

BOTTOM LINE:  Choosing a short sale over foreclosure is difficult. Both take a bite out of your credit rating. But one is easier to recover from.


Does Freddie Mac Own Your Mortgage?

May 1, 2009

freddie-mac

There are two options to determine if Freddie Mac owns the mortgage:

  1. You may conduct a search using Freddie Mac’s secured look-up tool. Be sure enter your information carefully — a spelling error or other small mistake could cause an uncertain result. Abbreviations, typos, or including the “Street Type” in the “Street Name” field can lead to incorrect results.
  2. Your mortgage servicer (aka. lender) — the organization to which you make your mortgage payments — should be able to tell you if your mortgage is owned by Freddie Mac. The telephone number and mailing address of your mortgage servicer should be listed on your monthly statement.

%d bloggers like this: