South Lake Tahoe, CA– 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 never pay the bank another penny. Send me an e-mail at scott-pearce@live.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 530-318-1030.
Scott Pearce realtor at Chase International South Tahoe Realty. www.SoLakeTahoeHomes.com
Article written by Chris Curry