Winston's Real Estate Blog and more

This seems to be the question of the hour.

How do I find out if Freddie Mac or Fannie Mae has my loan??

To find out if either of these two giants have your loan you need to first call your lender or loan servicer (the one who sends you a mortgage statement every month) and ask them if one of the two have your loan. If they do not want to tell you because some might not or if you do not feel comfortable with the customer service reps answer then you can find out directly from Freddie Mac or Fannie Mae by clicking the direct links below or calling the toll free numbers:

• Does Freddie Mac have my mortgage online request form
• 1-800-FREDDIE (8am to 8pm EST)

• Does Fannie Mae have my mortgage online request form
• 1-800-7FANNIE (8am to 8pm EST)

Well if you haven't already heard, the government just released the Homeowner Affordability and Stability plan this past Wednesday. This plan gives the banks and financial institutions that hold your mortgage some incentives to help you refinance or modify your mortgage loan whether you are behind or current on your mortgage payments and even if you do not have sufficient equity required for a refinance. The government is going to pay the banks money for each successful loan mod or refinance. Once you have been granted a loan modification or refinance, as an incentive for you to keep making your mortgage payments on time the federal government will pay down your principal loan balance up to $1,000 a year for up to a five year period. The $5,000 will be applied towards reducing your principal after the 5 year period if you have continued to make your payments on time. It's FREE money from the government.

Don't miss out on this window of opportunity. Program begins March 4th 2009. Get your loan modified or refinanced soon!

To get started:

1. Contact me for more information. 
2. Let's find out what your options are for your situation.
3. Let's get to work and help you get a good night sleep.

Oh and by the way if you liked this post then do me a favor and click the little red flag right below so I can get featured some day. Thanks everyone!

I have been asked this question for the last year and an half time and time again. My answer is I would never advise someone to intentionally miss payments in order to look like they are in trouble so they can qualify for a Loan Modification. 

Last year I ran into brokers here in Southern California that would advise their Loan Modification clients to miss payments in order to look like they were in dire straits. I believe that is pure fraud on their part and they are dragging down good and decent people. There are ways of getting things done the right way so you can sleep at night.

I recently spoke with a manager at Wells Fargo that handles the final say on loan modifications and she said they would rather work with someone that has not fallen behind on their mortgage payments. They would rather help the homeowner before they ruin their credit or a problem gets from bad to worse. They want to nip it in the bud. 

Well now it's a bit easier for the responsible homeowner that has kept his or her payments up but wont be able to in the near future. The Obama administration just released the Home Owner Affordability and Stability Plan this past Wednesday. In it they give incentives to the banks and financial institutions for working with home owners that have not been delinquent with their mortgage payments yet are in danger of falling behind if they do not get help soon. 

If you are in need of some help or just want to talk about your situation to get some answers. Feel free to contact me. I will let you know what your options are.

Oh and by the way if you liked this post then do me a favor and click the little red flag right below so I can get featured some day. Thanks everyone!