Are your chances better at getting modified if Fannie or Freddie "own" your loan?

[litehouse01]

I was wondering if anyone had any idea if you stand a better chance of a perm mod if Fannie or Freddie actually "own" your loan? I saw where you can go to Frannie or Freddie's webite and plug in your address and it will tell you if they (fannie or freddie) actually "own" you loan. Since these are both GSE's does it help not having to deal with another bank as the investor per say like bofa or some of the others? It would seem from some of the posts it gets a little sticky when another bank is involved as the investor/ chase being the servicer. Any thoughts?????

[davephx]

Yes the FANNIE MAE guidelines IF FOLLOWED are quite precise and usually more helpful than non Fannie qualified mortgages. But you have to be lucky and have it owned by Fannie - which I believe about 70% of First mortgages are but can't find confirmation of that figure.

[shade]

Much better because once your trial period is up Chase HAS to send your paperwork to Freddie/Fannie for approval. None of this not a permanent hardship BS BS BS.

[Marie T]

I believe your chances are better with FreddieMac or FannieMae backed as there are at least some rules they must follow. I was told mine would be easy as I have NO investor, WAMU loan, did not sell to investor but that has not been the case. Chase has told me that WAMU is the investor which boggles the mind since Chase owns WAMU!