Who Owns My Mortgage?
If you’re looking for a loan modification or short sale it greatly helps to know who owns your loan. There are 50 million mortgages in the U.S. and the good news is that about 60 percent — more than 30 million loans — are owned by Fannie Mae and Freddie Mac.
Who owns your mortgage can be very important because different loan owners have different — sometimes very different — policies when it comes to loan modifications and short sales. However, as the government explains, “if your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible.”
The good news is that loan ownership information for both companies is instantly available online — just go to www.fanniemae.com/loanlookup or www.freddiemac.com/mymortgage.
In both cases a form will come up that asks for your address. You must be the owner of the property to use the form or otherwise authorized to ask on behalf of an owner.
The Freddie Mac form also asks for your name and the last four digits of your Social Security number. In addition the Freddie Mac page has an “authentication required” box. Actually, it isn’t. Just cancel it.
As an alternative to the Fannie Mae and Freddie Mac sites, you can contact your loan servicer — that’s the company that collects your mortgage check each month. The phone number and address are typically located in your payment book.
© Copyright 