Over 28% of American homeowners are “underwater” on their homes meaning they owe more than the home is worth. Should you sell for less than it's worth? Is foreclosure an option? But you love your home and want to stay how can you take advantage of the low interest rates and get some relief to wait out the economy?
To understand the options available for getting help with your mortgage including the federal Making Home Affordable Refinance Program it is important for you to know who owns your loan. Most home loans are owned by Fannie Mae (FNMA) or Freddie Mac (FHMC). These companies are privately held, government sponsored enterprises who purchase home mortgages from lenders. Approximately 80% of conventional mortgages are owned by these two giants.
If your loan is owned by Fannie Mae or Freddie Mac, there are programs available to refinance your loan even if you owe up to 125% of the home's value.
Simply go to the secure websites listed below and enter your property address, zip code, etc. and find out. This is the first step to knowing your options. Always double check that you have entered your address and other info correctly.
Http://www.fanniemae.com/loanlookup/ & https://ww3.freddiemac.com/corporate/
A mortgage professional can help you access these programs and give you the options available. With rates so low, you may be able to reduce your monthly payment to allow you to better weather these stressful economic times.
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