Question 1

Who owns your loan?

Accepted Answer

You're probably just a distant memory to the bank that issued your loan. Lenders often resell mortgages soon after making them. Even if your bank still holds the loan, the payments might be collected by another company known as a servicer. Knowing who owns or services your loan is important because it affects which programs you're eligible for. If you have an FHA, USDA or VA loan, the government agency doesn't own your mortgage. A private lender made the loan, and the public entity provides a guarantee.

How to find your loan owner/guarantor:
See the MoneyGeek.com VA Loan Eligibility page to learn how to apply for a Certificate of Eligibility (COE), which you will need to apply for a VA loan. Your COE is proof to any lender you approach that you are eligible for a VA loan.

Question 2

What is your goal?

Accepted Answer

Take a hard look at your finances and decide whether you really can keep the house. In some instances, a lower monthly payment is all it takes to save your mortgage. But in cases involving more severe financial woes, the house might no longer be in your budget. If that's the case, a short sale or deed in lieu of foreclosure might save time and aggravation, minimize the damage to your credit and get you out of an unworkable situation.

Rights, Strategies & Resources for Protecting Your Home

Understand Foreclosure Help, Your Rights & Alternatives

On This Page