Is my mortgage is owned or guaranteed by Fannie Mae or Freddie Mac?

19 Apr Is my mortgage is owned or guaranteed by Fannie Mae or Freddie Mac?

In order to find out if you are eligible for the Obama Home Affordable – Refinance plan, you have to first find out if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.

This is easier to do than you might think. To see if your loan is owned or guaranteed by Fannie Mae, simply click here. You can also call:1-800-7FANNIE

To see if your loan is owned by or guaranteed by Freddie Mac, simply click here. You can also call1-800-FREDDIE .

Freddie Mac suggests that you have the following documents ready when you call a lender about modifying your mortgage loan:

  • Last two pay stubs and most recent tax return
  • For a self-employed borrower, complete signed federal income tax return for the previous year or year-to-date profit and loss statement.
  • Bank statements
  • Proof of other income like alimony or Social Security
  • Information about any second mortgage on the property
  • CompletedForm 4506-T[PDF], Request for Transcript of Tax Return
  • CompletedForm 1126[PDF 91K], Borrower Financial Information

Freddie Mac also suggests that you be prepared to ask your lender the following questions:

Questions to ask:

  • How much time is the lender willing to give you to complete a work-out?
  • What are your obligations under the work-out package?
  • What are the specifics? Be sure to ask what is due and when.
  • Will a foreclosure sale of your property be put on hold while your lender looks at the possibility of a work-out package?

We at Mortgage Law Network want you to keep your home. By all means be prepared to enter into mortgage modification efforts with your lender. Work with us or a HUD approved mortgage counselor. But remember, lenders may continue foreclosure proceedings even if you are trying to modify your loan. When you need a lawyer, call one of the attorneys here at Mortgage Law Network.

Lakelaw defends people in mortgage foreclosure cases in Illinois and Wisconsin.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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