Sarasota Realtor wants to know who owns the mortgage as first step in helping distressed homeowners (attempt to) avoid foreclosure.
It’s no secret, mortgage servicers are not voluntarily helping homeowners facing foreclosure.
They claim they’re “overwhelmed” with foreclosures, loan mod and short sale requests. Yet, I regularly see offers for fair market value get REJECTED only to see the same properties sell for $1,000s LESS after foreclosure.
Offers rejected in favor of FORECLOSURE! Where’s the sense in this?
Whether short sale or load mod, helping homeowners is not in the servicer’s best interest!
Good luck calling a mortgage loan servicer for the answer to who owns a borrower’s debt. Common response, “I’m sorry, we are not at liberty to provide that information.” To get results, we have to find (and use) tools to encourage mortgage servicers to help debt owners, not just homeowners facing foreclosure.
Click Read More below now for a couple tools and suggestions for proactively (trying to) avoid foreclosure.
TAKE CHARGE FROM THE BEGINNING
To begin, you need to find out who “owns” your mortgage debt:
Start here:
http://loanlookup.fanniemae.com/loanlookup/
If the loan lookup tool returns no results:
• Try the look-up tool again. Abbreviations or typos can cause an incorrect result. Be sure that all information entered in the look-up tool is typed completely and accurately.
Didn’t work?
• Contact Fannie Mae at FannieMae.com, or 1-800-7Fannie to see if they own your loan.
• If you are currently in the foreclosure process, contact your mortgage servicer as soon as possible. Ask to speak with someone in your servicer’s Loss Mitigation Department. The telephone number and mailing address of your mortgage servicer should be listed on your monthly statement.
• You can also contact the Homeownership Preservation Foundation’s Homeowner’s HOPE™ Hotline at 888-995-HOPE. Additional information can be found on the Homeownership Preservation Foundation website at www.995hope.org.
• The Department of Housing and Urban Development offers assistance to distressed borrowers as well. Visit the HUD Web site at www.hud.gov/foreclosure.
Among myriad foreclosures and defaults, you (I’m sad to say) are just another file to these behemoth “banks”. If you have questions about short sale or avoiding foreclosure, please call me. I will try to help you.
I HAD to discover clear strategies to avoid foreclosure. I had investment properties facing foreclosure. With ZERO embarrassment, I tell you this. First-hand, I know the stress and uncertainty of foreclosure.
Clearly, I KNOW how to avoid foreclosure.
- I also know how to help others facing this same fear and uncertainty.
- Keep in mind, a short sale is NOT always the ideal solution to avoiding foreclosure.
- Keep in mind, some realtors (might) recommend a solution that’s best for THEM (that is, a solution allowing them to get paid) instead of a solution best for YOU.
What do you think? What questions or comments do you have about specific strategies for avoiding or delaying foreclosure? Please scroll down to share your thoughts, comments & questions. I want to hear from you.
Sarasota realtors must get trained to help homeowners in distress. Unfortunately, many realtors have left the business. Others are still stuck in the past, believing the market will return to “normal.”
