Under the Obama Administration’s plan for mortgage relief if your loan is owned by Fannie Mae or Freddie Mac you may be able to refinance the loan at a reduced interest rate and a reduced loan amount.
The question that must first be answered is: How do I find out if Fannie or Freddie owns my mortgage? Here’s how!
On Freddie Mac’s web site you can input your property information to determine if they own the loan. To see if Fannie Mae owns your loan you can call them at 1-800-732-6643.
Regardless of whether your loan is owned by Fannie or Freddie, if you are having trouble making your payments the Homeowner Affordability and Stability Plan may offer help. You may qualify for a loan modification which could reduce your payment substantially. The property must be owner occupied (not a rental.) More details of the plan will be announced on March 4th.

 

March 5, 2009 – As a follow-up…I filled out the form on Freddie Mac’s web site the day I wrote this post but, three days later, I have just now heard that my loan is owned by Freddie. On the other hand, when I called Fannie Mae I was told that my loan was not owned by Fannie within five minutes. This time old school technology beats out modern tech by a mile.

Check with your lender first to see if your loan is owned by Fannie or Freddie.