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Freddie Mac owns my mortgage. Now what do I do?

Discussion in 'Questions and Answers' started by Seeking Answers, Apr 7, 2010.

  1. Seeking Answers

    Seeking Answers New Member

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    Nov 1, 2008
    Times are tough. I'm making way less income then I was. My homes value is down with the rest of the world. But there are seemingly options under the home affordable act.

    Should I do the home affordable refinance, or try for the home affordable modification? I lost value to a point where I'm sure I'm pretty mush stuck here for a while. It's also getting very tight financially speaking, but foreclosure isn't really a threat.

    Obviously, I want to hammer the lender that hammered America, and help myself the best I can for this unstable future. I don't know much about financing and mortgage lending. Any help would be much appreciated.

    Also, I have a small 2nd mortgage. If the home affordable mod goes through, I can then attempt to hammer my interest rate down on this loan too.

    My primary loan is 5.75
    2nd mtg is 7.5

    Thank you all very much in advance.
     
  2. KeyFin

    KeyFin Season Ticket Holder Club Member

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    Nov 1, 2009
    There is really not a downside to the home modification if you can qualify for it, especially if you plan to remain at that locaion for an extended period of time. I am also unfamiliar with all of the fine print that accompanies such a process, but since nobody else has chimed in I'm offering my personal opinion. I am also fairly certain that you can not do the modification with the second mortgage still in place, so both of them would have to be combined during the process (which is good for you).
     

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