new mortgage relief help

Submitted by Anonymous on Tue, 11/11/2008 - 22:08

MA Real Estate Law Questions and Answers

I have just read about a program to help homeowners avoid foreclosure. It says that it will drop payments to 38% of income but only for Fannie Mae and Freddie Mac loans. How do I find out if my mortgage is under one of these agencies?

Editor's Response

Submitted by The Editor on Wed, 11/12/2008 - 09:25.

Fannie Mae and Freddie Mac are government agencies who are big players in the secondary market for mortgage-backed securities (meaning they acquire the mortgages from other lenders). They now own or guarantee about $1.4 trillion, or 40%, of all U.S. mortgages. I would contact the customer service department of your original lender and ask them.

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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com

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