I want to refinance, but my mortgage is not owned by Fannie Mae or Freddie Mac?
I don't have any equity in my home and my first trust is greater than my current home value. I have be making my payment on time. My house is down 26% contained by value and my interest rate is (a) 9.25%. Like many of us, I discern i have been victimized by the tip out of the housing market and superficial prices. It is ridiculous to be paying 8.25% rate, when the current rates are at 4.5% - 5%. Any advice on how to address the situation will be much appreciated.
"> I know this doesnt apply to you but... a short time ago in case, it never hurts to check if the mortgage is owned by Freddie or Fannie.
The program is call the "Affordability and Stability Program", and there is hope for those of us who have be responsible but are victims of circumstance.
First find out if your morgage is owned by Freddie or Fannie
Have your account ready and hail as either 18OO-Freddie or 18OO-7Fannie
or call your current lender and they might be capable of see who owns it.
If its owned by Fannie you can call most mortgage borkers and they will be able to refinance if collect the qualifications.
If its owned by Freddie you can only hail as Bank of America. Ask to speak to a Refinance team about the hot government program to refiniance your home. For now they will put you on a roll until the program is finalized.
I hope this helps.
If its owned by Freddie only guard of Source(s): U.S. Bank... Vernon Hills, IL Area Mortgage Broker.
I also called and verified with Bank of America
Related Questions:
If I move out of my house will here be a foreclosure even if I own mortgage insurance.?
I have a reverse mortgage which has a mortgage insurance encouragement. If I move out because of the crime problem in the neighborhood will there be a foreclosure and will my credit be destroyed? I cannot...
"> I know this doesnt apply to you but... a short time ago in case, it never hurts to check if the mortgage is owned by Freddie or Fannie.
The program is call the "Affordability and Stability Program", and there is hope for those of us who have be responsible but are victims of circumstance.
First find out if your morgage is owned by Freddie or Fannie
Have your account ready and hail as either 18OO-Freddie or 18OO-7Fannie
or call your current lender and they might be capable of see who owns it.
If its owned by Fannie you can call most mortgage borkers and they will be able to refinance if collect the qualifications.
If its owned by Freddie you can only hail as Bank of America. Ask to speak to a Refinance team about the hot government program to refiniance your home. For now they will put you on a roll until the program is finalized.
I hope this helps.
If its owned by Freddie only guard of Source(s): U.S. Bank... Vernon Hills, IL Area Mortgage Broker.
I also called and verified with Bank of America
Related Questions:
If I move out of my house will here be a foreclosure even if I own mortgage insurance.?
I have a reverse mortgage which has a mortgage insurance encouragement. If I move out because of the crime problem in the neighborhood will there be a foreclosure and will my credit be destroyed? I cannot...