Who owns your home loan; Fannie Mae or Freddie Mac?
As a Sacramento Short Sale Specialist and a Sacramento Area Multi-Certified Short Sale Negotiator, there are several tools we use nearly every day in our research of the mortgages in the short sale files we are negotiating.
One example are the easy quick links that Fannie Mae and Freddie Mac have provided for homeowners to look and see if they are tho owners of their note, or are the "investor", Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very good idea to know who it is we are dealing with.
You know, loans are bought and sold every day, some times several times during the length of a loan. It is also becoming more and more common for loans that have gone late, or even defaulted loans to be sold just before or during the foreclosure process.
Some estimates are that somewhere between 70% to 90% of home loans are now owned by Fannie Mae and Freddie Mac, so most short sale and loan mod deals are processed according to their guidelines... I Use these links nearly every day, finding out who owns the loans (who the "investor" is) on the home loans I am negotiating short sales on.
Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very important for us to know who it is we are dealing with. Some estimates are that somewhere between 70% to 90% of home loans are now owned by Fannie Mai and Freddie Mac, so most short sale and loan mod deals are processed according to their guidelines...
So who owns your loan Fannie Mae or Freddie Mac?
So what do we do if they are not Fannie Mae or Freddie Mac? We have a form signed ( we got the form from one of the first Short Sale Certification Courses I took the very same day we take the listing that we mail to the the bank, requesting in writing that they tell us; it is signed by the homeowner and the bank must respond within 21 days of this written request. So we have already requested the information in writing for our short sale client, and we will eventually find out who it is.
One of the earliest strategies I learned from one of my first Short Sale Specialist courses: If we get an offer and start negotiating with the bank before they respond to our written request, we just ask the bank; we always ask... "so; who owns this note? ...who is our investor?" every single time we get on the phone with them (twice per week). Servicers train their staff not to tell us, they usually say "sir that request may only be made in writing by our customer" but by asking every single time, usually we can get someone to just slip and tell us, or luck out and get a new employee who forgets they aren't suppose to tell us...
Questions on your particular situation?
Contact us today at Forth Hoyt’s Sacramento Short Sale Center
Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
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