Who Owns the Loan? The short sale process can be very complex. Every bank and investor has a slightly different program and set of guidelines.
Fannie Mae & Freddie Mac Foreclosure Programs
Since each investor has different rules and guidelines, it can help you greatly to find out who the investor is before starting the process. Share it:.
Whether you are a homeowner in need of help with a short sale or an agent trying to help a homeowner, one of the best things you can do is to understand the situation you are getting into. A key piece of this short sale puzzle is finding out who actually "owns" the loan not just who services the loan.
Fannie Mae and Freddie Mac Loan Lookup Tool
Understanding the back-end process The bank who originally lent the money is unlikely to still own it unless it is a small community or regional bank. Today, in most cases, you are dealing with a servicer like Wells Fargo or Bank of America that "service" the loan but do not actually own the loan.
The rest of their inventory is made up of loans they service for other investors.
- Freddie Mac and Fannie Mae Loan Lookup | First Heritage Mortgage - Mortgage Lender.
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The investor guidelines ultimately define a slew of details like, whether to provide relocation money on the short sale, or if there will be a debt release on the sale, etc. How to find out who owns the loan 1. This also puts the servicer on alert that you know what you are doing and have already researched finding out who the end-investor is.
How to find out who owns the loan
How Can We Help? She is a licensed real estate salesperson in San Diego since Her articles have appeared in community newspapers but her work is mostly online. Skip to main content. Tips A pre-foreclosure sale involves selling a home for less than the balance owed on the home loan with the lender's permission.
The lender agrees to forgive the deficiency and settle the account rather than foreclose. Fannie and Freddie do not directly fund loans or handle foreclosure programs for borrowers -- mortgage lenders and home loan servicing companies do. The GSEs provide the funds to the mortgage market, making it possible for lenders to make loans.
The Deed-for-Lease program in which the borrower conveys ownership to the lender in exchange for letting him remain in the home as a tenant, is essentially a deed-in-lieu of foreclosure, but allows you to purchase a home with a Fannie Mae loan sooner than you could otherwise.
FHA-insured loans are guaranteed by the government and require payment of a mortgage insurance premium to protect the lender against future losses. References 7 Know Your Options: Fannie Mae: Avoid Foreclosure Fannie Mae: Options to Stay in Your Home Overview.
Resources 2 Know Your Options: Upcoming Seminars. The National Conference of State Legislatures. Free Lunch: Millions of American homeowners can no longer afford their mortgage payments. As a result, the Obama administration has set up a housing relief program which aims to put borrowers into more affordable loans to help them avoid foreclosure. But the program has gotten off to a slow start, and many borrowers continue to face obstacles when trying to get a loan modification. This section includes a primer that will help you figure out if you qualify.
Getting Started Obama Housing Plan: What You Need to Know.