Who Owns Your Loan: What You Should Know?

By The Tampa Tribune
Published: November 18, 2008

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Who owns your loan?

Thousands of homeowners pay their mortgages every month to their original lender, and they have no idea that an investor actually owns their loan. When a loan is sold, the homeowner is not typically notified.

Should I worry?

No, if you're like most homeowners. It's usually not an issue, unless the homeowner seeks a loan modification.

What if I'm trying to work something out with the lender?

The loan servicer - the lender who accepts the mortgage each month - can work with the homeowner on a new loan, but the investor, such as mortgage giant Freddie Mac or Fannie Mae, has to sign off on it. The only way to find out who owns your loan is to call your servicer and ask.

Source: Tribune research