DO YOU QUALIFY FOR A REFINANCE or LOAN MODIFICATION?

The Making Homes Affordable program recently announced by Washington allows current homeowners to potentially refinance their mortgages if they owe between 80% and 105% of the current value of their home. The program also allows a homeowner’s lender to modify their mortgage if they are in a situation where they owe more than 105% or are not able to qualify for the refinance program. A primary qualification is that your loan must be owned by Fannie Mae or Freddie Mac. More info can be obtained at: www.makinghomeaffordable.gov.   This site will help you determine whether your loan is owned by Fannie Mae or Freddie Mac.

To find out if Fannie Mae owns your loan:
http://loanlookup.fanniemae.com/loanlookup. Type in your address and ZIP code and verify that you're the owner of the dwelling, and the system will tell you whether Fannie owns the loan. You may call Fannie from 8 a.m. to 8 p.m. Eastern time, at (800) 732-6643 if you prefer.

To find out if Freddie Mac owns your loan:          https://ww3.freddiemac.com/corporate. Provide your full name, address, city, state, ZIP code and Social Security number, and verify that you're the owner of the dwelling. Alternatively you may call Freddie Mac from 8 a.m. to 8 p.m. Eastern Time at (800) 373-3343.

These tools will allow you to find out whether you are potentially eligible for one of these programs, but not necessarily qualify you for either program. For more information on your options contact your existing loan servicer.  Please remember, none of these programs require you to pay any money up front!  BEWARE of any person or company who promises to negotiate with your lender on your behalf and requires payment up front for these services!!!