Sometimes when trying to get a loan modification or complete a short sale you have a bank that is just stubborn and is just not helping you. So what options do you have?
Between 65% and 70% of all loan losses are borne by Uncle Sam. He has direct/indirect ownership or insures against losses thru the following entities: Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), and the Veterans Loan Program (VA.)
Here is how to find out if your loan is owned by any of those entities.
FHA. Towards the top right corner of the first page of the mortgage, there should be a small square. Inside the square, it will say "FHA Case Number 091-424240-703." The case number will be different, but it will still be an FHA loan.
VA. On the mortgage, 1-4 pages
past the signature page will be a VA Rider. At the top it will say "NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS." That is a VA loan.
So Now you know who has control of your loan, when you need that loan modification or short sale completed you can then direct your efforts to contact them directly instead of the current servicer bank that seems to not be helping you. If your loan is not listed with any of these entities, that means it is probably owned by that servicer directly.
Don't be afraid or feel uncomfortable to fight for your rights to keep your home, if you have to go above their heads. Be direct, but always be respectful!
- December 09 2011 - Sicklerville