Nov
23
Written by:
Mayra Lema
11/23/2011 12:00 AM
IL – In our last post, we talked about how you could contact the entity that owns a loan. But, some people were wondering how they could find out who owned their loan.
"I thought ABC Bank owned my loan. I send them a payment every month", they told us. Well, here is how to research the owner of your loan.
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.
Fannie Mae. http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac. https://ww3.freddiemac.com/corporate/
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.
Now you know how to hold your lender accountable. The remaining loans are probably owned by that bank. If that is the case, then you threaten to contact their stockholders. Anyone want to "crash" a stockholder meeting? Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at info@realtyonegroupinc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (773) 427-9200
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jorge Romero.
Jorge is a Real Estate Broker at Realty One Group Inc. Short Sales Realtor:
Phone: (773) 427-9200. info@realtyonegroupinc.com.
View My homes for sale at www.RealtyOneGroupInc.com.
Jorge Romero and Team specializes in loan modification assistance and short sales in Chicago Illinois. Chicago Loan Modification Help, Chicago Short Sales. Chicago Short Sale Realtor IL Short Sales. Realtor.
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