Whether you are facing foreclosure or simply want to negotiate a lower payment of your existing mortgage it is helpful to determine whether your loan is currently owned by Fannie Mae, a federal government agency that purchases loans from lenders who closed or originated the loan.
If your loan is owned by Fannie Mae, a variety of rules, guidelines and regulations come into play that effect the terms the servicers may be authorized to accept. The servicer may not tell you if your loan is owned by Fannie Mae, but if you know it, you can use this knowledge to demand better terms out of the servicer.
To determine if your loan is owned by Fannie Mae, visit the website https://loanlookup.fanniemae.com/loanlookup/ and type in your address. If your loan is owned by Fannie Mae, you will be in a much better position to demand more favorable terms from you lender. For more information on how to use this to your advantage, contact Matt Weidner at www.mattweidnerlaw.com.