Yes. Talk to your lender or a HUD‐approved counseling agency for details. Listed below are a few options that may help you get back on track.
For FHA loans:
For Conventional Loans:
Talk to your lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.” A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation.
Fannie Mae does not deal directly with the borrower. They work with the lender to determine the loss mitigation program that best fits your needs.
Freddie Mac, like Fannie Mae, will usually only work with the loan servicer. However, if you encounter problems with your lender during the loss mitigation process, you can coil customer service for help at 1‐800‐FREDDIE (1‐800‐373‐3343).
In any loss mitigation situation, it is important to remember a few helpful hints:
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