How do I know if my client’s mortgage is owned by Fannie Mae or Freddie Mac? Also, why would this be important? How would this information impact a short sale? –Awesome Agent*
Dear Awesome Agent:
All very good questions, indeed.
In order to determine whether your client’s loan is owned by Fannie Mae or Freddie Mac, you need to use the loan lookup tools on the Fannie Mae and Freddie Mac websites.
All you have to do is to fill in all of the information in the loan lookup tool, and the tool will tell you whether the loan is a ‘match’ for Fannie Mae or Freddie Mac. This would be important to know because each of these different GSEs may have different loan modification or short sale guidelines that they would adhere to. Also, with the recent announcement that beginning on February 1, 2015, HAFA relocation assistance increased to $10,000, you would want to alert your clients. (Fannie Mae and Freddie Mac are not participating in that increased relocation assistance.)
Remember that even if the loan is not owned by Fannie Mae or Freddie Mac, there are still many benefits to distressed borrowers that are considering a short sale.
If you have any further questions, please do not hesitate to let us know. –Short Sale Expeditor®
*Real question, but agents name has been changed.