Ann Arbor Homeowners, if you are current on your mortgage payments but have not been able to refinance because your home is worth less now than what you bought it you may have that opportunity now.
Fannie Mae and Freddie Mac the two largest holders of mortgages in the U.S. are negotiating refinancing of loans they hold in their portfolios or that they placed in mortgage backed securities.
Note: Mortgages they hold.
How do you know if they hold the mortgage?
Call them and ask:
* Does Freddie Mac have my mortgage online request from
* 1-800-FREDDIE (8am to 8pm EST)
* Does Fannie Mae have my mortgage online request from
• 1-800-7FANNIE (8am to 8pm EST)
This is one of the provisions of the Homeowner and Stability Plan. If you have lost your job, or incurred a rate hike on your ARM (adjustable rate mortgage) you may qualify to get your rate changed and mortgage adjusted.
All the details are outlined in the above link.
Need help understanding the plan give us a call at 734-821-0757.