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The Homeowner Stability Plan "is limited to loans held or securitized by Fanni Mae or Freddie Mac"

Asked by Aa, 90638 Wed Feb 18, 2009

The Homeowner Stability Plan "is limited to loans held or securitized by Fanni Mae or Freddie Mac, How would I know if my loan is Fannie or Freddie already? or is it automatic if the loan amount does not exceed thier range?

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You can check if your loan is owned by fannie mae on their site or by phone at 1-800-7FANNIE (8am to 8pm EST). http://www.fanniemae.com/homepath/homeaffordable.jhtml;jsess…

You can check for a freddie mac loan by phone at 1-800-FREDDIE (8am to 8pm EST) or online at http://www.freddiemac.com/corporate/buyown/english/avoiding_…
0 votes Thank Flag Link Thu Mar 5, 2009
Aa, my current understanding is that Plan will only be for loans that are $417K and below and is to start in early March.

Best Regards, Steve

Steven A. Ornellas, MBA, GRI, ABR, e-PRO, CMPS, RE Masters
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist
0 votes Thank Flag Link Wed Feb 18, 2009
Aa:

To the best of my knowledge, the only way you will know for sure is to ask you lender or look at your original loan documents. Unfortunately, in Southern California, this program will help very few people. Our median price had been greater than Fannie and Freddie limits for years. Hopefully you are one of the few who has a loan securitized by them. On the other hand, other investors might jump on the band wagon and follow suit in offering interest rate adjustments and/or refinances to todays lower rates. That way they have a better chance of preserving their actual investment. Even though their rate of return might take a hit, at least they will not lose their principal, like they do in a foreclosure situation. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Wed Feb 18, 2009
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