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Do You Know Who Owns Your Loan?

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Hi there, this is Shawn Polston with TucsonShortSaleNegotiator.com and Keller William’s Real Estate in Tucson. I wanted to talk to you today about my friends over at Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are investors that own loans. You may make your payments to Bank of America, Chase, or some other bank. Whoever you send your payment to, however, is your servicer. There is a distinct possibility that Fannie Mae or Freddie Mac owns your mortgage; no one actually sends their payments to Fannie Mae or Freddie Mac. The servicer collects the payment and then will take a small portion of your mortgage payment and then forward it on to the investor. Why this is important is because if you’re considering a short sale or considering a foreclosure the person that actually does the decision making and establishes the guidelines of how it’s going to happen and when it’s going to happen is either Fannie Mae or Freddie Mac if they own your loan.

There’s an easy way to figure out if either of them owns your loan by looking at their websites online. The reason I’m talking about this is because many people don’t realize that there are mortgage investor and servicer relationships. The servicer doesn’t really have the ability to make a decision on what’s going to happen with the loan whether you’re going to do a loan modification, a short sale, a deed in lieu of foreclosure, etc. It’s actually the investor who owns the mortgage that makes these decisions and I just wanted to get that out there.

Fannie Mae and Freddie Mac own numerous loans and we’ve got a ton of them. We have a very good relationship with both of those companies. If you have a loan with Fannie Mae or Freddie Mac and you have short sale questions or would like to know what the expectation should be, please give me a call or fill out the request form on our website.

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