Nov. 20 (Bloomberg) -- Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, will suspend foreclosures and evictions over the holidays. link
This suspension and the mod program only affect Fannie/Freddie loans. Stupid question: how does one know if their loan is held by Fannie/Freddie? Isnt servicing usually with a bank? Does the average customer even know if Fannie/Freddie holds their loan?
So we should be prepared for the inevitable panic come February, when they report that, for some reason, the foreclosure rate shot through the roof in January?
SUCKISSTAPLES said: question: how does one know if their loan is held by Fannie/Freddie? Isnt servicing usually with a bank? Does the average customer even know if Fannie/Freddie holds their loan? The average customer probably does not, but if you have access to your county property records, you can probably find out. According to our county recorder's office, my mortgage was sold to Freddie Mac a week or so after I closed.
pmkm
Broke Member
posted: Nov. 21, 2008 @ 11:08a
my loan in transunion shows collateral as Freddie mac with some number(I don't know what it means) But it is listed under bank name.
Equifax shows under bank name(no mention of freddie) So is it with bank or Freddie? anyone knows? Also county record shows bank name and has not changed since closing.
BTW it's always helpful to know who owns your mortgage just in case things go south and you need to negotiate.(not to be confused with servicer)
Thanks
zzyzzx
Senior Member - 3K
posted: Nov. 21, 2008 @ 11:32a
... and I'm sure that deadbeats everywhere are rejoycing.
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